1 week Ago By Lauren Hinton
LexisNexis® Risk Solutions , a leading provider of insurance data and advanced analytics, has expanded its long-standing relationship with global information and insights company, TransUnion , to offer TransUnion’s Affordability Report to U.K. insurance providers as part of a suite of powerful and predictive credit reporting and affordability solutions, including TrueVision® Public and TrueVision ® at the point of quote.
LexisNexis Risk Solutions delivers high-volume, real-time data into hundreds of millions of U.K. insurance transactions a day via the LexisNexis® Informed Quotes platform .
The business currently streamlines TransUnion data into approximately 20 U.K. insurance providers, including three of the U.
K.’s top insurers. When delivered into the insurance workflow via LexisNexis Risk Solutions, TransUnion’s comprehensive view of a consumer’s income and affordability can help insurance providers manage portfolio risks whilst enabling quicker, more informed decisions to help support new customers.
As many households face ongoing challenges due to the cost-of-living crisis i , the additional insights on affordability at the point of quote will help the insurance market help their customers while also supporting Consumer Duty obligations. Louise Johnson, director of product management, insurance, U.K.
and Ireland, at LexisNexis Risk Solutions, said: “Our insurance customers have been benefitting from streamlined access to TrueVision ® via LexisNexis Informed Quotes since 2022 . Expanding our relationship with TransUnion will help the insurance industry provide consumers the cover they need with the premium paid in a way they can afford, by offering crucial insight over premium affordability data. The value of this insight has become all the more pertinent now that the ABI has set out its Premium Finance Principles ii and BIBA publishes its own Premium Finance Guide for Brokers iii .
The fact that these insights can be accessed alongside risk data on the individual at the point of quote, essentially means insurance providers can offer consumers more personalised policies, premiums and payment options.” Kelli Fielding, chief product officer at TransUnion in the UK, said: “Affordability is a particular focus for many insurers at the moment. There is an ongoing squeeze on consumer finances, and almost half (46%) of households indicate their income is currently struggling to keep up with inflation iv .
So, it’s essential for insurance providers to better understand their customers’ financial situations. This means offering products tailored to their individual needs to support more sustainable and responsible decisions. By distributing TransUnion’s enhanced Affordability Report , along with TrueVision® Public and TrueVision, LexisNexis Risk Solutions can help its insurer clients build trust and strengthen both existing and new customer relationships.
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