LexisNexis Risk Solutions | February 03, 2022
LexisNexis® Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, now offers U.S. insurance carriers superior assistance in linking and connecting disparate customer records through LexID® for Insurance. LexID is the unique identifier built from proprietary linking technology, more than 35 years of referential data and thousands of data sources to match disparate identity information and help insurers create the sought-after single customer view across their enterprise. For auto, home and life insurance carriers that aggregate tremendous amounts of data to optimize risk-decision making and meet rising consumer expectations, legacy systems, fragmented data and organizational silos have made customer data management (CDM) one of the insurance market's biggest impediments.
"Insurance carriers are moving from a policy-centric approach to an enterprise customer-centric approach to be able to better understand the household's insurance needs, offer more personalized options to consumers, and ultimately retain these consumers as long-time customers," Robert McConn, senior director of product management, insurance, LexisNexis Risk Solutions, said. "Insurers understand that the quantity of data they're managing is growing exponentially, and to deliver a great marketing, underwriting or claims experience where the consumer feels appreciated, they have to implement an effective customer data management strategy. As a result, LexID can be integral to helping carriers remain competitive in a rapidly changing digital insurance environment."
A CDM program using LexID for Insurance allows insurers to collect, manage and analyze consumer data from various sources to form a single, comprehensive view of each customer. Disparate consumer records can be linked into a common LexID consumer identifier using LexisNexis® Scalable Automated Linking Technology, a patented method of linking and clustering data. By pulling together data from multiple touchpoints – marketing, quote, renewal and claims – insurance providers can build a comprehensive and accurate representation of their customer. Not only can LexID for Insurance improve data accuracy across the enterprise, but it can also assist carriers with delivering products and services better suited to the needs of their customers.
"While customer data within an insurer is the lifeblood of its business – one of its greatest assets and competitive advantages, insurers of all sizes face the hurdle of harnessing their data and using it to its full potential, The financial costs are obvious, however, other consequences of inaccurate or unused data can run deeper such as customer service inefficiencies, missed opportunities, fraud and even harmed brand reputation. Centralizing the management of customer information is critical for a business's continued success."
-Mark Breading, partner, Strategy Meets Action.
Data continues to fuel the future of consumer engagement for insurers. A proven matching solution, LexID has been the foundation of LexisNexis Risk Solutions products and services for over a decade and can help bring sense and order or organization to insurance provider-held customer databases. Visit our LexID for Insurance page or LexID video for more information.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers.
Zurich North America | November 30, 2021
Zurich North America today announced an enhanced suite of vehicle protection products designed to meet the unique needs of electric vehicle (EV) owners. The comprehensive set of products provides coverage from the repair or replacement of high-voltage rechargeable batteries to roadside assistance for recharging EV batteries that run out of power mid-trip. The suite of products covers nearly all manufacturers including Tesla, Rivian and Polestar.
The offering represents new investment in products and services to support Zurich's automobile dealership customers and has the potential to help dealerships diversify their revenue streams through the F&I office and the service lane.
"As a leading provider of vehicle protection solutions in the U.S., we remain committed to introducing products and services that will meet the evolving needs of our customers, With forecasts predicting EVs will represent nearly half of all new cars sold in 2030, Zurich's EV protection products are now in place to provide assurance to EV owners and help them manage the potential high cost of electric vehicle ownership."
- Vince Santivasi, Head of Direct Markets for Zurich North America.
An electric vehicle operates on an electric circuit run by computers. Repairs on items such as an electronic display screen can cost thousands of dollars. A high-voltage battery is one of the most expensive components in an EV with average replacement costs of $5,500.
Zurich's EV protection products include:
Vehicle Service Contracts
Guaranteed Auto Protection (GAP)
Road Hazard Tire and Wheel
Environmental Protection Plan
Paintless Dent Repair
Universal Security Guard®
Lease Wear and Use
Zurich offers a full suite of vehicle protection products for gas-combustion, hybrid and electric vehicles. Zurich's F&I products are available to consumers through a nationwide network of franchised auto dealers.
Over the last 100 years, Zurich has evolved alongside its auto dealer customers, listening to their needs and challenges, and developing solutions that help accelerate their growth and protect their legacy. Zurich remains committed to helping dealers grow and protect their business. New investments including the implementation of new products and services are underway as the company prepares to mark 100 years of service to automobile dealerships. These investments address the ever-evolving needs of the dealership industry.
Business Wire | September 16, 2020
Northern Trust today announced the launch of its new cloud-based reporting application which further enhances its Insurance Investment Accounting and Analytics Services solution, developed to support the full spectrum of investment portfolio reporting and management needs for U.S. insurance companies. The platform incorporates Northern Trust's award-winning interactive digital interface with the power of the SAP Financial Asset Management (FAM) System data to provide an end-to-end solution covering all asset classes.