LexisNexis Risk Solutions blog: BIBA 2021 - Data enrichment made equitable for brokers

James-Burton,-Senior-Director-of-Product-Management,-UK-&-Ireland,-LexisNexis-Risk-Solutions

After some initial challenges the BIBA Conference 2021 provided a great networking opportunity with the added bonus of an extra day.  Big credit to the BIBA team for getting everything resolved and the event back on track.  It proved to be the perfect platform to launch Broker Intelligence, our new solution to help brokers use data enrichment to better serve their customers, consumers, in a way that’s never before been possible.  

With the FCA’s pricing remedies on the horizon, an increasing requirement from insurer partners to conduct basic verification checks, as well as continued pressure on margins, a solution that will help brokers understand an individual’s risk faster and more accurately, at quote and renewal, could not be better timed.

It has been a tough year for the market but thousands of small to medium-sized brokers have shown huge adaptability and resilience, proving that they are both innovators and experts in customer choice.

The hunger for data really accelerated as a result of the pandemic. Brokers are on the forefront of consumer experience and they already ‘get’ the value of data enrichment to build the most comprehensive understanding of risk to support quote and renewal decisions. They are well-aware of how data is key to helping them deliver the right product at the right price, at the right time, automating processes such as validating No Claims Discount (NCD) or to verify the customer’s identity without causing unnecessary delays or friction for their customers.

However, up until recently, regional brokers have had limited access to the scale of data, analytics and technology, currently enjoyed by insurers and larger broking groups. While the insurance market has a wealth of data at its fingertips, high street brokers have faced numerous barriers in accessing that data.

We set out to solve that problem with the launch of Broker Intelligence, and in doing so, help put brokers on an even footing with the rest of the market.

By condensing data down to the real meaningful insights brokers need - policy history such as gaps in cover, cancellation insights, claims history, public records, third party credit history and financial sanctions records plus other unique data - and delivering that direct to the point of quote or renewal via their existing broker software houses, brokers can now create a holistic view of customer risk quicker than ever before.

Too much information can create unnecessary delays, too little can leave gaps in knowledge. Building Broker Intelligence was as much about considering what to leave out as well as what to include to ensure brokers had access to only the most useful data insights to help them make the most informed decisions when they need it.

Broker Intelligence offers one gateway to a suite of broker specific data enrichment solutions based on an individual’s insurance history – including digitised NCD - to support brokers within their rating and decision engines, to better assess a consumer’s risk, price more accurately and help reduce fraud.

The past year has proved there is no mistaking the power of the broker proposition – now brokers can feel empowered to do more for their customers and their insurer partners, based on the clearest understanding of risk.

CLICK HERE TO SIGN UP FOR OUR
FREE BI-WEEKLY NEWSLETTER

James Burton's picture

James Burton serves as Sr. Director of Product Management across UK and Ireland, and is responsible for the management and execution of our product strategy across the business. Prior to LexisNexis Risk Solutions, James has served in a number of product and analytical roles across loyalty, credit risk and debt management after spending a number of years as a Government Bond trader.

He has worked for Ikano Bank and Equifax and has a master’s degree in Economics from Nottingham University.

If you would like to contact LexisNexis Risk Solutions, please Click Here and submit your enquiry and youTalk-insurance will pass your comments on.

Add new comment

Filtered HTML

  • Empty paragraph killer - multiple returns will not break the site's style.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd><p><br><h2><h3><h4><h5><h6><hr><img>
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Plain text

Agree to terms

By posting a contribution to the youTalk-insurance blog you will be giving youTalk-insurance your full consent to post your contribution, should we choose to do so and you will be deemed to have given us a free licence on a perpetual basis to adapt, modify and incorporate your contribution. By posting to the youTalk-insurance website you are fully responsible for the accuracy, completeness, veracity, honesty, exactitude, factuality and politeness of comments you make. All contributions to youTalk-insurance must not contain anything that is unlawful, offensive, abusive, threatening, defamatory, obscene or discriminatory nor shall it infringe the rights of anyone else.