LexisNexis C.L.U.E. Commercial Makes it Easier to Find Unverified Commercial Claims with Four of Top 10 Commercial Carriers
Industry Standard Claims Database with Commercial-Specific Loss Histories Helps Commercial Carriers Improve Loss Costs and Address Loss Ratio Challenges
ATLANTA, Nov. 20, 2017 /PRNewswire/ -- As U.S. commercial lines carriers look for ways to maximize growth opportunities while combating the most significant loss ratio challenges in 15 years in commercial auto and pricing pressures in other businesses1, LexisNexis Risk Solutions, a leading provider of data analytics in insurance, and LexisNexis® C.L.U.E.® Commercial are helping carriers to build a better book of business and make more informed decisions about risk pricing. LexisNexis is also making it easier to integrate with carriers and their evolving systems through a new Ready for Guidewire validated C.L.U.E. Commercial accelerator for Guidewire PolicyCenter® 8 and 9. This accelerator is available for download by mutual customers of LexisNexis and Guidewire in the Guidewire MarketPlace™.
"While commercial insurers are growing premium or increasing rates, escalating claims costs are making it tough to capitalize on business growth nationwide, and siloed information can prevent a carrier from seeing past claims from inside their own organizations," said Ernie Feirer, Vice President and General Manager, Commercial Insurance, LexisNexis Risk Solutions. "The negative impact on missing and unverified claims can be costly. C.L.U.E. Commercial can help find unverified claims and automate the process making information gathering and decision making even easier for commercial insurers."
In a study of C.L.U.E. Commercial data representing more than 700 claims totaling $13M in prior losses, LexisNexis Risk Solutions found 38% of losses attributable to five policies (less than 1% of the claims). C.L.U.E. Commercial provides insurers with a fuller understanding of the risks, allowing a carrier to either rate policies like these differently, require coverage changes, or reject them all together.
Four of the top 10 insurers are C.L.U.E. Commercial contributors. C.L.U.E., which stands for Comprehensive Loss Underwriting Exchange, is the industry standard claims history database for underwriting purposes. LexisNexis C.L.U.E. Commercial contains commercial claim information from across commercial lines of business including:
- Commercial Auto;
- BOP, Farm, Artisan Contractors;
- Commercial Fire, General Liability, Commercial Multi-Peril, etc.; and
- Workers' Compensation.
Information available to commercial insurers through C.L.U.E. Commercial and via its new Guidewire accelerator include total incurred losses and related information such as claim, policy and carrier, among other attributes.
LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexisrisk.com.
Media Contacts:
Regina Haas
LexisNexis Risk Solutions
+1.678.694.3569
[email protected]
Mollie Holman
Brodeur Partners
+1.646.746.5611
[email protected]
1 Auto Insurance Report, April 10, 2017 issue, "Commercial auto insurance grew for the sixth straight year in 2016, according to preliminary data from S&P Global Market Intelligence, rising 5.6% to $32.8 billion. Unfortunately, claims increased at an even faster rate, 11.6%, pushing the loss ratio to 69%, the highest rate in 15 years, when the 2001 loss ratio reached 75.6%."
SOURCE LexisNexis Risk Solutions
Share this article