LexisNexis Risk Solutions, a provider of data and analytics for the insurance industry, has released LexisNexis Location Intelligence for Commercial, a tool aimed at improving the assessment of commercial property risks during underwriting and policy renewal.
As severe weather events continue to cause over 65% of property losses in the US, commercial insurers face ongoing challenges in pricing risk and managing portfolios.
This new solution attempts to help carriers identify properties with higher loss potential by combining multiple data sources.
Location Intelligence for Commercial integrates property details, weather data, and industry loss trends into predictive risk scores and related attributes.
It also incorporates proprietary claims information and machine learning models to provide insights intended to support underwriting decisions. These insights are designed to fit into existing commercial insurance workflows to offer a clearer view of property risk.
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“As opposed to conventional sources of information from basic weather data, roof age and aerial imagery, LexisNexis Location Intelligence represents a new standard for commercial property risk assessment that helps give insurers the actionable intelligence they need for a fuller and more granular view of risk coupled with workflow automation they can actually leverage,” commented David Zona, Senior Vice President, Commercial Insurance, LexisNexis Risk Solutions.
“With Location Intelligence, they can better assess risk, such as which 10% of the properties in their book could generate a third of their property losses. This can put them in a unique position to be a customer service leader, proactively working with their customers on risk mitigation and resilience efforts.”
“We understand that insurance underpins the economy, and commercial property insurers need to be able to confidently manage risk and improve profitability as they look to support the nation’s small business foundation,” continued Zona.
“With year-over-year losses and the growing volatility of weather patterns, insurance carriers need more than historical data to win the day. They need forward-looking, actionable insights to better identify underwriting risk and improve profitability so they can continue helping their business customers thrive.”
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