ATLANTA — As U.S. commercial lines carriers look for ways to maximize growth opportunities while combating the most significant loss ratio challenges in 15 years in commercial auto and pricing pressures in other businesses1, LexisNexis Risk Solutions, a leading provider of data analytics in insurance, and LexisNexis® C.L.U.E.® Commercial are helping carriers to build a better book of business and make more informed decisions about risk pricing. LexisNexis is also making it easier to integrate with carriers and their evolving systems through a new Ready for Guidewire validated C.L.U.E. Commercial accelerator for Guidewire PolicyCenter® 8 and 9. This accelerator is available for download by mutual customers of LexisNexis and Guidewire in the Guidewire MarketPlace™.
“While commercial insurers are growing premium or increasing rates, escalating claims costs are making it tough to capitalize on business growth nationwide, and siloed information can prevent a carrier from seeing past claims from inside their own organizations,” said Ernie Feirer, Vice President and General Manager, Commercial Insurance, LexisNexis Risk Solutions. “The negative impact on missing and unverified claims can be costly. C.L.U.E. Commercial can help find unverified claims and automate the process making information gathering and decision making even easier for commercial insurers.”
In a study of C.L.U.E. Commercial data representing more than 700 claims totaling $13M in prior losses, LexisNexis Risk Solutions found 38% of losses attributable to five policies (less than 1% of the claims). C.L.U.E. Commercial provides insurers with a fuller understanding of the risks, allowing a carrier to either rate policies like these differently, require coverage changes, or reject them all together.
Four of the top 10 insurers are C.L.U.E. Commercial contributors. C.L.U.E., which stands for Comprehensive Loss Underwriting Exchange, is the industry standard claims history database for underwriting purposes. LexisNexis C.L.U.E. Commercial contains commercial claim information from across commercial lines of business including:
Information available to commercial insurers through C.L.U.E. Commercial and via its new Guidewire accelerator include total incurred losses and related information such as claim, policy and carrier, among other attributes.
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.