BEIJING — On Nov. 2, the Actuaries Institute of Australia and LexisNexis® Risk Solutions, a provider of data, analytics, and technology for the insurance sector, met in Beijing to discuss new approaches to data and analytics for managing insurance risk and uncovering opportunities.
The meeting focused on introducing the local LexisNexis Risk Solutions Insurance China team and its analytics-driven products, including solutions around vehicle risk, advanced driver assistance systems, driver risk and electric vehicles.
The LexisNexis Risk Solutions team included Helen Dai, managing director of insurance, China; Zeming Yu, insurance data science director; and Shan Xiang, insurance data scientist. They were joined by a delegation from the Actuaries Institute of Australia including Naomi Edwards, president; Steve Hui, director of China; and Kitty Chan, liaison manager for Asia.
LexisNexis Risk Solutions uses a big data computing platform with extensive data sets and unique linking technology to support an analytics system that delivers decision-making insights for various clients. The company leverages its world-leading big data integration, governance, and analysis capabilities, advanced product concepts, and more than 30 years of in-depth experience serving the insurance industry to break through the existing barriers of insufficient risk pricing data in China's insurance industry. The cross-industry introduction of risk factors for vehicles and drivers will help insurance companies improve their compensation risk segmentation capabilities and strengthen their core competitiveness in acquisition and retention, underwriting, and pricing.
LexisNexis Risk Solutions operates globally, serving industries including automotive, insurance, financial services, healthcare, and public safety in more than 180 countries. The company's client base includes 78 percent of Fortune 500 companies and 92 percent of Fortune 100 companies, leading personal lines insurance companies, and numerous government agencies.
For the Chinese insurance sector, LexisNexis Risk Solutions covers more than 90% of car owners' personal risk scores and more than 99% of vehicles' personal risk scores. Its industry-leading risk segmentation performance has been recognized by the market and can help auto insurance companies quickly improve their risk assessment capabilities.
Companies and government entities worldwide use LexisNexis Risk Solutions to meet complex data challenges, supported by a workforce focused on innovation and problem-solving.
The Actuaries Institute of Australia's collaboration with LexisNexis Risk Solutions is expected to advance insurance risk assessment and management. As the meeting concluded, both organizations committed to continuing their strategic dialogue to leverage their collective expertise for developing cutting-edge solutions in risk assessment and analytics.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries 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.