Post BIBA 2022 blog: Thanks BIBA - it was good to be back in our insurance community
Congratulations and thank you to BIBA for hosting a fantastic conference. The theme of ‘Our insurance community’ was spot on this year for many reasons. For LexisNexis Risk Solutions that whole idea really resonated given many of the valuable insights we offer to the market are based on the sharing of data, not least our newest initiative to help tackle quote manipulation. Community is about collaborating, connecting and sharing and this is in essence what we enable the market to do make more informed decisions with insurance derived data.
The buzz was amazing, we did feel exactly like we were all part of one big community and it was great to meet friends old and new after a prolonged break. There was so much energy, enthusiasm and optimism despite all the challenges of the past couple of years (and those still to come). We loved welcoming so many brokers to our stand to chew over their data challenges and discuss the exciting new opportunities data enrichment can throw open for them.
As hinted above - the conference was the perfect platform to launch the exciting new updates to our LexisNexis® Quote Intelligence Manipulate module, which helps to identify the probability of data being manipulated between quotes, using the power of quote data gathered from across the market. Given the cost-of-living crisis, brokers were keen to understand how they could support customers with more accurate pricing while also protecting their insurance partners from the risks of application fraud and themselves from cancellation costs. We were only too happy to explain how the Manipulate Module ticks many of these boxes and for us this is a really tangible example of the power of industry contributed data.
Brokers were also interested to learn how we’ve been levelling the data enrichment playing field to help ensure they can better understand the customer at renewal and new business and more accurately meet the risk appetite of their broker partners in both commercial and personal lines.
We launched Broker Intelligence at BIBA last year. Now one year on, it was good to hear how this comprehensive solution of data attributes is helping small to medium-sized brokers price more effectively, cut operational costs and improve the customer journey in personal lines.
Brokers operating in the commercial lines market have the multi-pronged problem of verifying a customer’s personal, property and business details. So, it was great to discuss Commercial Pre-Quote, developed specifically for brokers serving smaller businesses, supporting swift authentication of this data. Commercial Pre-Quote uses a combination of LexisNexis® Risk Insights insurance specific customer verification, LexisNexis® Property Insights highly granular property data enrichment and Business Data.
In essence, we wanted brokers to understand that no matter their size, we have a data solution that can help ensure the risk is right for their insurer panel while helping eliminate referrals, the risk of fraud or friction with their customers.
Data enrichment can of course help across the whole lifecycle of a policy. We, therefore, took the opportunity to start exploring with delegates how data enrichment at FNOL could expedite the claims process for both the customer and the insurer. We had some very stimulating discussions with visitors to the stand about this whole topic and the potential to lessen technical and data requirements from the customer at FNOL stage, liberating a claim handler’s time so that they can ‘look after’ their customer in the way they might need.
Sticking with the subject of claims, we were delighted to hear how our industry contributed claims database, LexisNexis® Precision Claims, is so eagerly awaited. Starting in the home sector, the database will supply data enrichment in three main categories: person claims history, property claims history, and person and property claims combined. Motor and commercial lines will follow.
In summary, the BIBA Conference 2022 was enlightening, invigorating (and exhausting!), but the tired ‘conference legs’ were more than worth it to enjoy this unique once-a-year opportunity to engage with the insurance sector at large and in-person once again.
About the author
Martyn Mathews is senior director, personal and commercial lines for LexisNexis Risk Solutions, UK and Ireland. Mathews took the role in 2016 through the acquisition of Insurance Initiatives Limited (IIL). Prior to this he held several significant positions in the insurance industry including 14 years with Experian, most recently as Head of Vertical for Insurance, Life, Pensions & Investments. He is currently tasked with delivering the strategic direction, P&L ownership and the go to market strategy in personal and commercial lines for LexisNexis Risk Solutions.
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management.
With over 40 years of expertise, we are the trusted data analytics provider for organisations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy.
We enable insurers and brokers to improve decision-making, increase profitability and transform business performance with actionable insights from our data and analytics solutions. For more information, please contact risk.lexisnexis.co.uk/insurance or email@example.com.