Proactively manage your broker business
Do you understand your exposure across your various channels? Do you know what you're on cover for? Do you have the visibility you need into your broker business?
Many insurers struggle with understanding the risk and underwriting performance of their network of coverholders. They're challenged with the quality of data they receive from their channel, which tends to be inaccurate, incomplete and inconsistent, making it difficult to process, analyse and manage. Bottomline: most insurers don't have the visibility they need into their broker business.
Assess the risk and performance of your broker business
The broker management module within LexisNexis® Map View enables you to automate the processing of your bordereaux data, and proactively manage your network of delegated authorities and broker channel. It allows you to better police underwriting rules, highlight policy breaches, and understand your risk and exposure across your channel and entire book of business.
Single view of risk across your broker network
With a single view of all the risks on your books, including your channel, this enables you to improve underwriting and operational control over your book of business. The broker management module within Map View also allows you to proactively monitor underwriting rules across your channel, and in the event of a breach to take corrective action where appropriate. It provides a single console from which to manage your entire broker ecosystem - allowing you to see hotspots and anomalies much faster, and manage and refine binder rules and limits dynamically.
Understand your exposure across your entire channel network
The ability to assess and manage your risk and exposure, before an event occurs, is critical to effectively managing your network of coverholders. For some insurers, the only time they gain insight into the type of business in their portfolio, and what they're on cover for, is when they receive a request for a claim.
Key reasons to leverage Map View to manage your network of coverholders include:
- Automatically process your bordereaux data files, converting them into a standard data format, thereby avoiding manual re-entry of data
- Gain a holistic view of your exposure across your entire network
- Proactively manage the performance of your broker network, and identify coverholders that are in breach of underwriting rules
- With an up-to-date view of all the policies on your books, identify and analyse your most profitable brokers
The goal is simple - to efficiently capture, normalise and process your bordereaux data, and enable you to more effectively manage the performance of your coverholder network.
Building on strengths in SaaS, data management and analytics
At LexisNexis, we understand the specific challenges of the delegated authority underwriting process. We believe your ability to effortlessly and efficiently harness data is critical to your success in acquiring new business and optimising your existing broker business.
Delivered as a "Software as a Service" (SaaS) model, the broker management module within Map View builds on our core competencies in data processing, storage, analysis and systems integration, as well as our deep understanding of the insurance industry.
The broker management module within Map View encompasses our "Data Made Simple" approach and enables you to leverage the data you need to maximise the performance of your broker business, and manage your exposure across your entire book of business.
Leveraging a SaaS delivery model, Map View is designed to be flexible and customizable. No two insurers work in the same way, and we believe that a solution should be tailored to suit your existing processes, rather than imposing a one-size fits all solution.
With our extensive systems integration experience, based on many successful implementations, we can quickly get you up and running with Map View, and easily integrate the broker management module with your existing business systems. We can take real-time feeds in from systems to avoid rekeying information, and can synchronise Map View with policy management platforms to give you a complete view of your book.