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LexisNexis Risk Solutions Launches Territory Index, a Risk and Rating Solution for Greater Precision in Homeowners Insurance Pricing

7/31/2017

ATLANTA – LexisNexis Risk Solutions, a leading provider of data and analytics in insurance, today announced the availability of LexisNexis® Territory Index, a location-based modeling solution that enables home insurers to better recognize the impact of individual non-cat perils.

“Our data has shown that loss costs have increased 156% over six years for water losses caused by weather events1 alone,” said George Hosfield, Senior Director, Home Insurance, LexisNexis Risk Solutions.  “With insurers challenged by profitability and volatile results, Territory Index helps them gain a better understanding of by-peril risks at a very granular level.”

Territory Index delivers a series of loss cost scores built using a large amount of industry loss experience to more accurately price and develop homeowners’ territories.

Using LexisNexis Territory Index, insurers are able to:

  • More fully understand the area around a home with specific local level historical data
  • Elevate the sophistication of an existing program by developing  more precise territory rates
  • Benchmark their portfolio to countrywide industry peril risk indices
  • Prepare to enter a new state or geography
  • Utilize peril components to better understand peril trends
  • Retain customers at the appropriate price point

Territory Index cleanses, normalizes and links disparate data sets and leverages comprehensive loss data. For additional insights from LexisNexis Home Insurance, download our 2016 LexisNexis Home Trends Report, and look for our 2017 insights soon.

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 Group (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

1 Source: 2016 LexisNexis Home Trends Report. Loss cost increased by 156% for weather-related water claims from 2010-2015.
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