Loss runs are a staple in the commercial insurance toolkit for evaluating risk. However, relying on customer information alone, or what agents are able to uncover, doesn't always provide a complete and accurate picture of previous claims. Not only that, acquiring and formatting paper loss runs manually generates considerable costs by taking up valuable time and tapping resources. Timeliness is an additional mitigating factor. This case study shares how automating loss runs with LexisNexis C.L.U.E. Commercial can help carriers avoid costly mistakes by presenting the full loss history picture.
Loss runs have traditionally served as a critical tool for evaluating risk in commercial insurance. You can’t simply rely on a customer to divulge, or agents to uncover, all previous claims. However, acquiring and formatting paper loss runs manually generates considerable costs, due to added time and resources. And if you don’t get this information in a timely manner, or don’t capture the right information, the costs are even greater.
LexisNexis C.L.U.E. Commercial is a contributory data solution containing commercial claim information from across all lines of business—spanning small commercial, commercial auto, workers’ compensation and business insurance.
Automated loss runs give carriers valuable insights into a potential customer’s prior loss history—simply, conveniently, accurately and all in one place. To demonstrate the financial impact of failing to take advantage of the automated loss run capabilities C.L.U.E. Commercial offers, we ran a test using policy data from a sampling of carriers to identify prior losses.
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