LexisNexis: The Comprehensive Solution for Home Insurance Underwriters

LexisNexis Risk Solutions® has announced the launch of its latest property intelligence solution, LexisNexis® Total Property Understanding™. The new solution supports US home insurance underwriters in examining properties that require additional evaluation based on risk, capturing comprehensive interior, exterior, and aerial data, and providing AI-enabled insights to expedite decision making. This article analyzes the features of the newly launched solution and how it benefits carriers and underwriters.

Launch of LexisNexis’ Total Property Understanding Solution

LexisNexis® Total Property Understanding™ is an end-to-end underwriting solution that can aid insurers in identifying properties that are underinsured or have high risks. The solution combines capabilities from LexisNexis® Smart Selection and LexisNexis® Flyreel, including LexisNexis® Rooftop that measures wear and tear to roofs by combining aerial imagery with claims insights. The solution can integrate seamlessly into an insurer’s workflow at renewal or new business. Predictive insights and proprietary data sources help identify potentially underinsured or high-risk properties. Insurers then offer policyholders a self-guided survey tool powered by advanced computer vision technology. With this, potential risks and hazards will transform into an actionable report with prioritized detections based on the carrier’s underwriting practices and risk appetite. The report is then delivered quickly through an easy-to-use dashboard or system integration, enabling straight-through processing.

Comprehensive Underwriting Solution For Home Insurance Carriers

George Hosfield, Senior Director, Home Insurance, LexisNexis Risk Solutions, noted the increasing concern of almost every home insurance carrier in profitability. Inflation and rising costs have made it challenging for premiums to keep up yield, leading to carriers lacking insight into the risks on their books. Manual, time-consuming processes and limited boots-on-the-ground inspections by many insurers are proving ineffective, delivering only a partial understanding of the risks. Total Property Understanding solution delivers more data for risk decisioning, enabling underwriters to customize the hazards and risks that are flagged based on their organization’s specific priorities, risk appetite, and underwriting rules.

AI Capabilities Fast-Track Insurance Decision Making

According to Mark Breading, Partner, Strategy Meets Action, a ReSource Pro company, ‘Home claims severity was up 37% in the first half of 2022 versus that same time period in 2019, and we’re unlikely to see any softening of the market in the near-term.’ This Solution brings a comprehensive set of data and insights to home insurers to enable more precision in their underwriting and pricing of risk to deliver a competitive advantage amid the emerging industry’s continuing headwinds. With AI-enabled automation eliminating manual, time-intensive processes, property inspection information can be delivered three times faster than traditional methods. The quick processing of policies can delight policyholders with the more convenient evaluations and quicker turnaround times.

Total Property Understanding delivers a more comprehensive solution in property risk assessment, allowing consumers to better ensure their coverage needs are known and accounted for, even with the rising costs and numerous severe weather events happening worldwide. It can fast-track decision-making, eliminate manual and time-intensive processes, and provide more data insights that help create precise underwriting, pricing and claims management of risks.

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