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LexisNexis Enters U.K. Market

LexisNexis (News - Alert) is looking to help insurers in the U.K. better serve their customers and their insurance needs.

The U.S. provider of data, analytics and software solutions in the insurance industry is helping insurance companies over the pond by retuning and revamping the self-reported information from applicants, a system which is none too reliable. With the current system in place, consumers and regulators often find themselves frustrated at the rejection of claims, mostly due to inaccurate information, and have been in need of a more efficient way of streamlining claim processing.

“For more than 25 years, LexisNexis has pioneered the use of data and analytics by the insurance industry, and we are excited to bring our unique capabilities to the United Kingdom,” said Peter Orlay, vice president of insurance international at LexisNexis Risk Solutions in a press release. “Our solutions will allow insurers to not only evaluate and price risk more accurately; they can also help reverse lost revenue opportunities.”

LexisNexis’ technology will be adapted for U.K requirements and standards, which will use the U.S. methods of real time access to policy and claim records and other pertinent information needed for proper claim processing. The system has an impressive track record of reliably handling tens of millions of enquiries a day with high match rates.

Steve Treloar, U.K. General Insurance retail director at Aviva said, “Aviva welcomes the arrival of LexisNexis Insurance Solutions into the U.K. insurance data market. Their vast experience in the U.S., advanced technology and transparent approach to consumer disclosure will allow greatly enhanced assessment of risk at point of quote.”

Earlier last month, LexisNexis launched its latest in its product offerings, LexisNexis Insurance Enterprise View.

The new solution integrates data from multiple sources to drive better-informed decision-making by insurance companies. The platform is the first application to serve as a single, reconciled data source for billing, policy, claims and reinsurance systems. LexisNexis Insurance Enterprise View also offers balancing, reconciliation and error report features and streamlines reporting to statistical bureaus, helps insurers comply with evolving audit requirements and gives insurers secure online access to information and analytics.

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Michelle Amodio is a TMCnet contributor. She has helped promote companies and groups in all industries, from technology to banking to professional roller derby. She holds a bachelor's degree in Writing from Endicott College and currently works in marketing, journalism, and public relations as a freelancer.

Edited by Jennifer Russell