Leading UK insurer Covéa Insurance has implemented new schemes management technology from LexisNexis® Risk Solutions as a further example of its commitment to this growing business sector. The Broker Management module of LexisNexis® Map View provides Covéa Insurance with an up-to-date, aggregate view of their schemes business – allowing them greater insight to proactively manage the performance of their coverholders and drive underwriting governance and profitability.
Transacting business in a way that makes life easy for brokers was high on the agenda for Covéa Insurance. Research by the company showed that by the end of 2013 over 80% of brokers were using bordereaux to transfer data; this investment will allow that data to be more efficiently transmitted.
The Broker Management module of LexisNexis® Map View provides the insurer and the broker with greater insights into the data, giving both parties a better understanding of how their scheme business is performing. The module enables flexible scheme management which will ultimately lead to more profitable growth for all involved.
Liam Casserley, Scheme Broker Manager, Covéa Insurance commented; “With our schemes business growing rapidly, we wanted to ensure that we could report on performance in the same consistent way we report on our open market business. Our investment in this new technology reinforces our commitment to the schemes market. It’s essential that our brokers receive the best possible service from us; The Broker Management module of Map View enables us to enhance that service and support our scheme brokers with their growth at the same time.”
“The Broker Management module of Map View gives our customers like Covéa Insurance full visibility into their schemes business by providing a single console from where they can manage this side of their business,” said Bill McCarthy, Managing Director, UK, insurance, LexisNexis. ”It allows them to easily detect and respond to underwriting anomalies, and manage schemes rules dynamically – offering greater underwriting and operational control.”
The Broker Management module of LexisNexis Map View automates the processing of bordereaux data, significantly reducing the time it takes to process, from a matter of days to seconds. It efficiently captures, normalises and processes all bordereaux data and enables insurers to easily control, define and refine binder rules, limits and schedules. The system automatically alerts the insurer to breaches in underwriting rules, allowing them to manage the performance and profitability of their schemes business.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. 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-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.