LexisNexis® Smart Selection

Optimize where you spend your home insurance underwriting dollars

Traditional methods of selecting risk can be expensive, limiting, inefficient and subjective. Smart Selection can help you segment risks to identify high-risk properties, enabling you to optimize insurance underwriting workflows—and underwriting spend.

For example, homes with high-risk scores prior to review were more likely to have:

• 4.7x slip/trip/fall hazards
• 7.0x building structure hazards
• 14.6x roof hazards

LexisNexis® Risk Solutions has performed an internal analysis of the home insurance industry:

21% of homes in the United States are underinsured by 15% or more.

Automate your workflows and how you select properties for insurance underwriting with more comprehensive structure, aerial, policy and location insights that can help you provide the right rate for the risk. Understand coverage needs better with Coverage Comparison.*

Gain an understanding of the likelihood of a loss, by peril, with LexisNexis® Location Intelligence for Home. Focus resources on risky properties through aerial imagery and roof condition grade data.  Customizable business rules and workflows help enable you to enhance underwriting ROI, focus underwriting attention and improve underwriting consistency.

Source: LexisNexis® Risk Solutions, Internal Study, 2024.
*Coming soon

Uncover potential hidden insurance coverage opportunities in your renewal book

The vast majority of home insurance risks sit in your in-force policies—but the high cost and low ROI of in-person property inspections mean many carriers likely haven’t invested in a proactive renewal strategy.

However, policy renewals are a critical time to assess your book of business. Consider:

• 73% of homeowners have made an upgrade to their current home in the time they’ve lived there.
• 42% of homeowners who completed upgrades to their home did not report any of them to their insurance carrier or agent

With adaptive home insurance policy renewal monitoring, you can detect changes in property risk by leveraging more than 100 attributes and four predictive models. Start with our recommended business rules or configure your own to get automated, actionable insights to help inform your policy renewal strategy.

Source: LexisNexis® Risk Solutions, U.S. Home Insurance Consumer Research, copyright © 2024

Leverage data to help optimize insurance underwriting workflows, maximize premium capture and identify critical hazards through risk exposure modules available exclusively through Smart Selection:

• Predict property inspection needs using the hazard model feature, which delivers a score and attributes to help determine whether to order a property inspection—such as LexisNexis® Flyreel®—for higher risk properties.
• Understand home utilization risk with residential risk indicator, which provides insights into the likelihood of homebased businesses, rentals, foreclosures or vacancy to help guide appropriate follow-up questions with homeowners.
• Uncover changes in home risk exposure using our building permit report, which provides permit data on property structural updates—such as additions—to help confirm property details like square footage and bathrooms.
• Evaluate insurance coverage adequacy with our coverage comparison feature, which helps carriers identify homes that may require further review to support appropriate home insurance coverage.*
• Assess property-level loss propensity with AI-driven Location Intelligence for Home, leveraging advanced neural network models and integrated data sources. Data inputs include weather, geospatial data, auto and home claims, public records and proprietary data, delivering a more comprehensive risk score along with model indicators and attributes.
• Identify roof condition at scale with roof condition grade data, which leverages aerial imagery and computer vision technology to deliver a risk score, model indicators and attributes related to roof condition.

*Coming soon