RELX Plc Launches LexisNexis® Location Intelligence Tool for Enhanced Commercial Property Risk Assessment
- LexisNexis Risk Solutions launched a tool enhancing risk assessment for commercial property insurers, addressing severe weather-related losses.
- The tool uses advanced technology to provide predictive modeling, helping insurers identify high-risk properties effectively.
- LexisNexis aims to transform the insurance industry through data-driven insights and improved operational efficiency for insurers.
Innovative Risk Assessment Tool Unveiled by LexisNexis Risk Solutions
LexisNexis® Risk Solutions introduces a pioneering tool for commercial property risk assessment, dubbed LexisNexis® Location Intelligence for Commercial. This new solution significantly enhances the precision and automation of risk evaluation strategies for commercial insurers in the U.S., addressing a pressing need within the industry. As severe weather events are responsible for over 65% of property losses in the U.S., this tool aims to provide insurers with better resources to manage and mitigate these risks. By combining industry loss data, weather analytics, and detailed property characteristics, the tool generates predictive modeling risk scores that allow insurers to identify and assess property risks more effectively.
The innovative solution leverages patent-pending technology that integrates proprietary claims information with advanced neural network-driven models. According to David Zona, senior vice president of commercial insurance at LexisNexis Risk Solutions, this tool not only enhances predictive modeling capabilities but also equips insurers with actionable insights directly applicable to their workflows. This capability allows insurers to pinpoint which 10% of properties are likely to contribute to a third of potential losses, enabling a more focused and strategic approach to risk management. By facilitating a comprehensive view of risk, the tool encourages proactive engagement between insurers and their clients on effective risk mitigation strategies.
Location Intelligence for Commercial is distinguished by its ability to deliver over 20 times the lift compared to traditional risk assessment models, enhancing the accuracy of risk evaluations significantly. The solution synthesizes diverse data sources—including aerial imagery and detailed claims data—thus providing a thorough and precise risk profile that surpasses the limitations of conventional methods. This comprehensive approach positions insurers to improve their service delivery and effectiveness in the competitive landscape of commercial property insurance, ultimately benefiting both the insurers and their clients.
In a market increasingly impacted by climate change and severe weather conditions, the introduction of LexisNexis® Location Intelligence for Commercial represents a critical advancement for the insurance industry. By enabling a more accurate and automated risk assessment process, this tool empowers insurers to better anticipate potential losses and engage with clients in developing tailored risk mitigation strategies.
With the launch of this innovative tool, LexisNexis Risk Solutions reinforces its commitment to transforming the insurance landscape through technology and data-driven insights. This advancement not only supports insurers in managing their risk exposure but also enhances their operational efficiency, allowing them to remain competitive in an evolving market.
