Drive business growth, reduce claims and improve underwriting performance
Customer acquisition and retention, optimising underwriting performance, and managing costs are top-of-mind priorities for insurance organisations in today's challenging business environment.
In 2011, there were 4 "Once in 250 year" events around the globe, putting increasing pressure on the insurance industry globally. Climate change and growing competitive and regulatory demands are requiring insurers to rethink how they do business and their approach to risk selection and exposure management.
LexisNexis® Map View is a risk assessment and accumulations management platform that provides property insurers with real-time visibility into their policy accumulations, perils risk data and claims history, across their book of business. Map View empowers underwriters to more accurately assess risk at the individual property level, at the point-of-sale - resulting in better quality underwriting, increased business, and cost savings through reduced claims and reinsurance costs.
Pioneering location-aware risk intelligence resulting in more accurate risk selection
With a more granular and complete understanding of geographic risk, and overall exposure, underwriters are able to more accurately price business based on true risk. Map View combines one-dimensional policy, quotation and claims data with an array of perils risk data (flood, subsidence, earthquake, windstorm etc) - transforming all the information into vivid, interactive risk maps and profiles.
By assessing risk at the property level, Map View allows you to generate much more sophisticated and accurate risk segmentation and pricing. Property addresses are automatically geocoded and risk scored, with the score used to weight premiums or decline cover.
Why Map View for better risk selection and accumulation management?
- Single source for risk data - By aggregating all of your policy and third-party perils data into a single centralised database, this provides enterprise-wide access to consistent data, at the point-of-sale - streamlining the underwriting process.
- Risk modelling & Analytics - With a single view of all your risks, Map View allows you to perform comprehensive portfolio and accumulations analysis. You can customise business rules and risk thresholds for policy queries and risk modelling, and easily identify policies that require further review.
"Prior to Implementing Map View, we were excluding some areas because we didn't understand the risks and we were unsure of our accumulations in close proximity. LexisNexis® Map View has allowed us to improve risk selection - thereby offering more competitive prices to customers who are less likely to have claims."
Increased gross written premiums
By assessing risk at the property level, insurers have the ability to underwrite business they may have previously declined, based on an inaccurate assessment of the risk location. Leveraging Map View, underwriters can identify under-exposed areas and target those areas with marketing.
With a better understanding of geographical risk (peril and accumulations) insurers can be more aggressive with rates in low-risk areas. On average, LexisNexis customers have been able to increase their target addressable market by 8% by leveraging Map View.
Reduced reinsurance costs
With a clearer understanding of their true risk, and macro view of their exposure, insurers are in a better position to negotiate reinsurance. LexisNexis customers typically reduce their reinsurance costs by 0.4% - 0.8%, as a result of deploying Map View.
Similarly, an accurate assessment of risk location vis-a-vis peril models and accumulations results in a better quality book of business and, ultimately, fewer claims.
Increased underwriting productivity
Map View simplifies the underwriter's workflow by bringing all their critical risk data into one view - increasing the speed and accuracy of underwriting. Map View also allows insurers to automate certain types of underwriting decisions. LexisNexis customers typically reduce their "out-of-area referrals" by up to 70%.
With fewer referrals, this gives more time back to underwriters to underwrite more business. In addition to experiencing a reduction in the number of referrals, LexisNexis clients have typically reduced the time taken to handle referrals by 70%. Bottom Line - fewer referrals AND less time required per referral greatly increases underwriting efficiencies.
Risk avoidance / exposure management
LexisNexis clients further benefit from reduced exposure to high-risk properties by leveraging Map View. Our clients have, on average, experienced a 50% reduction in perils exposure, enabling them to improve underwriting profitability and reduce their cost of claims. With an aggregated view of risk (perils and accumulations), LexisNexis customers can better manage their overall exposure across their entire portfolio.
Focus on insurance
Leveraging years of experience working with the world's leading insurance organisations, LexisNexis is focused on helping property insurers address their underwriting, risk, exposure and data management challenges.
LexisNexis® Map View is delivered on a Software-as-a-Service (SaaS) basis, with its inherent flexibility, ease-of--use and scalability. Our highly secure SaaS model has a proven track record of excellent service availability.
LexisNexis has deep expertise in integrating multiple, large, complex, dynamic data sets, and presenting this complex information visually. Our fast, web-based application allows you to view vivid and illustrative policy maps, with proximity to risk and points-of-interest, and broader accumulative risk views. With our open and transparent approach, it is easy to manipulate data, and generate ad hoc reporting.