LexisNexis® Current Carrier® Commercial
The commercial insurance coverage verification insights you need at your fingertips
Whether it’s undisclosed drivers or vehicles, a lapse in coverage history or other gaps in current policy details, you may be missing the critical insights you need to precisely rate and underwrite commercial risks. LexisNexis® Current Carrier® Commercial aggregates prior policyholder, vehicle, driver and policy information into actionable intelligence for coverage verification that is delivered seamlessly into your quoting or underwriting workflow to help you:
- Automate the customer data collection process and anticipate coverage needs for an improved customer experience
- Mitigate fraud with access to trustworthy information on prior coverage
- Improve data accuracy by prefilling critical current or prior policy details (confirm versus collect information)
- Easily provide like-for-like competitive quotes by automatically populating details from an existing policy
Help mitigate losses with more complete information
Current Carrier Commercial is a contributory solution that leverages proprietary data supplied by market members to give a more comprehensive view of a business’ commercial policy history, with information about current and prior policy history along with drivers and vehicles aggregated into one easy view. This enhanced visibility for prior coverage verification helps you deliver more informed quotes, faster – and get the right rate for the risk. Based on results observed through similar solutions for personal lines, historical policy data can contribute to:
- Up to a 33% increase in drivers found
- 22% increase in vehicles covered
Current Carrier Commercial can help:
Armed with more comprehensive information about a risk at the beginning of the underwriting process, you can help prevent future losses. According to a recent LexisNexis Risk Solutions internal analysis, 68% of commercial insurers believe that one in three claims come from undisclosed driversii. What’s more, our data shows that new business policies with a single prior surchargeable claim where the vehicle operator wasn't on the policy have a 9% higher loss cost than new business policies with a single claim where the operator was on the policyiii
Help gain the ability to uncover hidden risks at new business and renewal. Learn more.
