RELX Plc's LexisNexis Launches Advanced Risk Assessment Tool for Commercial Insurers
- LexisNexis Risk Solutions launched a new tool to enhance risk assessment for commercial insurers in the U.S.
- The tool improves risk identification with advanced data integration, predictive modeling, and insights for proactive client engagement.
- LexisNexis strengthens its role in data analytics, aiming to streamline workflows and improve service delivery for insurers.
LexisNexis Risk Solutions Unveils Advanced Risk Assessment Tool for Commercial Insurers
LexisNexis Risk Solutions introduces a transformative tool for the commercial insurance sector, named LexisNexis® Location Intelligence for Commercial. This innovative risk assessment solution aims to significantly enhance the precision and automation of risk management strategies for insurers across the United States. As severe weather events are responsible for over 65% of property losses, the tool addresses the pressing need for improved risk identification and mitigation in an increasingly volatile climate. By integrating a wealth of industry loss data, advanced weather forensics, and detailed property characteristics, the tool generates predictive modeling risk scores that empower insurers to better understand and address property risks associated with loss propensity.
The core of Location Intelligence for Commercial lies in its ability to synthesize diverse data sources. By leveraging proprietary claims information alongside cutting-edge neural network-driven models, the tool delivers actionable insights that seamlessly integrate into the workflows of commercial insurance carriers. This advanced technology enables insurers to identify which 10% of properties may be responsible for a substantial one-third of potential losses. According to David Zona, senior vice president of commercial insurance at LexisNexis Risk Solutions, this comprehensive view of risk not only enhances the accuracy of assessments but also facilitates proactive engagement with clients regarding risk mitigation strategies.
With unmatched predictive modeling capabilities, the new solution boasts a remarkable performance enhancement—over 20 times the lift compared to traditional models. By utilizing aerial imagery and meticulous claims data, Location Intelligence for Commercial provides insurers with a thorough and precise risk profile. This innovative approach moves beyond the limitations of conventional risk assessment methods, positioning insurers to deliver superior service while navigating the competitive landscape of commercial property insurance. As the insurance industry grapples with the increasing threats posed by climate change and other risk factors, this tool represents a significant step forward in revolutionizing how insurers evaluate and manage risk.
In addition to the launch of this new assessment tool, LexisNexis Risk Solutions continues to solidify its position as a key player in the data analytics space within the insurance industry. By focusing on advanced technology and data integration, the company aims to streamline workflows and enhance service delivery for insurers.
As commercial insurers face mounting challenges in accurately predicting and mitigating risks, the introduction of Location Intelligence for Commercial not only addresses these issues but also sets a new standard for the industry, reinforcing the importance of innovative solutions in navigating today’s complex insurance landscape.
