Attract™ for Motor launched to give insurance providers an immediate understanding of risk
LexisNexis Risk Solutions has announced the launch of Attract™ for Motor, a market-wide, policy data-based risk score built to more accurately predict insurance claims losses.
Lexis Nexis says the need to gain a consolidated understanding of individual risk, based on shared intelligence on policyholders has become a matter of urgency for insurance providers.
It has, therefore, launched Attract™ for Motor, which it believes will give insurance providers an immediate understanding of risk by utilising proprietary motor insurance data.
LexisNexis believes it will be a better indicator of loss than an insurer’s own custom score model, or general financial scores.
James Burton, director of Product Management, Insurance, UK and Ireland, LexisNexis Risk Solutions said: “Attract™ for Motor is built specifically to predict insurance loss, unlike other scores. When looking at Attract™ for Motor as a predictor of claims cost, we found that the worst 10% as segmented by Attract™ had a 200% higher claims cost than average. Conversely, those in the top decile, or the top 10%, had a 41% lower claims cost than the average.
“The beauty of Attract™ for Motor is that we can deliver the scoring direct into insurer and broker systems with sub-second response times at the point of quote, ensuring the customer quoting process is streamlined. This speed is possible because we use proprietary data sources and highly advanced analytics technology.
“A powerful tool at the point of quote, Attract™ for Motor enables motor insurance providers to enhance the accuracy of their underwriting decisions knowing that the score is a true reflection of the individual customer’s risk. This also results in fairer pricing for customers, tailored to their individual risk.”