Leveraging Automation in Commercial Lines
Today’s consumers expect personalized, fast and convenient experiences, and shopping for their commercial insurance policy is no exception.
The reality is that the commercial underwriting process takes too long, and is riddled with inefficiencies, incomplete or inaccurate data, which leads to frustrations for your customers and agents.
That’s why we designed and continue to enhance, LexisNexis® Commercial Data Prefill as an ‘ease of doing business’ solution to help:
- Confirm versus collect information at point of quote
- Rate risks more accurately to reduce premium leakage
- Improve profitability with more detailed and granular data
- Increase business volumes with automated, faster throughput and greater confidence
- Optimize customer experience and reduce friction
Uncovering hidden risks with Commercial Data Prefill enhancements
We continue to invest in and augment our Commercial Data Prefill solution, specifically the firmographics data, so that we can provide you with the business intelligence you need to help confidently evaluate the risk characteristics of each business.
1. Enhanced SIC and NAICS codes
We understand that not all carriers use the same SIC and NAICS codes to identify the entity’s primary business activity, and we know the potential for variance between product lines. Because of this, we are now able to offer five distinct options for SIC and NAICS codes to make adoption easier, without migration, regardless of which codes you’re currently using. Proprietary enhanced SIC and NAICS codes from LexisNexis Risk Solutions offer an incremental two digits (in addition to the industry standard six digits) that allow for augmented granularity that can really differentiate business activity, when it matters.
We offer five versions:
- Standard 4-digit SIC
- Standard 2017 6-digit NAICS
- LexisNexis Risk Solutions enhanced 8-digit SIC
- LexisNexis Risk Solutions enhanced 8-digit 2017 NAICS
- LexisNexis Risk Solutions enhanced 8-digit 2022 NAICS
2. The risks around the risk: Lessors
Understand the risk of the neighborhood beyond just the risk the insured presents to better manage your exposure. With lessor risk attributes, we return business name and address for lessors in the same building in addition to up to a quarter-mile radius of the building. These two segments are broken out separately for easy consumption into your workflow, for a better general understanding of proximity.
What we provide on the lessors:
- Business name and address
- Four-digit NAICS codes for each business within a quarter-mile radius
- NAICS codes delivered in order of highest potential risk
- Identifier of business in the same building vs. surrounding area
- Total business count in the quarter-mile radius
- Building square footage
3. The difference between collecting data and confirming it: Confidence scores
When it comes to rating the risk, there is typically no single source of truth. This means that your ability to rely on the accuracy of the information you’re receiving is critical to your success.
Because of this, we have developed attribute confidence scores for the data variables that you need to get right.
These confidence scores are derived as a function of the number of data sources that were validated for each individual attribute. This translates to a greater level of certainty in the data that you’re integrating into your workflow, which can eliminate the need to collect data versus confirm it.
Conclusion
LexisNexis Commercial Data Prefill is a multi-sourced solution that captures more robust business intelligence upfront in an automated fashion, eliminating the need for cumbersome, time-consuming and inefficient manual processes. Achieving further gains with digitization and automation is dependent on reliable data.
Access the ebook to learn more about LexisNexis Commercial Data Prefill.