LexisNexis Risk Solutions Launches C.L.U.E Auto Damage 360 to Help Insurers Improve Rating and Underwriting Processes
C.L.U.E. Auto Damage 360 helps find incremental damage events that are crucial to risk assessment
ATLANTA, Sept. 14, 2023 /PRNewswire/ -- On the heels of the 35th anniversary of its Comprehensive Loss Underwriting Exchange (C.L.U.E.) solution, LexisNexis® Risk Solutions announced the launch of LexisNexis® C.L.U.E.® Auto Damage 360. LexisNexis® C.L.U.E.® Auto is the auto insurance industry's most comprehensive claims history database, and C.L.U.E. Auto Damage 360 continues its tradition of providing insurers with an even deeper look into reported and unreported accident data to help refine their underwriting strategies.
Single-vehicle incidents, small fender benders and other accidents happen every day, but many go unreported. C.L.U.E. Auto Damage 360 extends the reach of C.L.U.E. Auto to help capture more of those unreported incidents. This enhanced feature brings together data from C.L.U.E. Auto reports, including seven years of personal claims data from hundreds of millions of claims, with incremental data from sources such as police records and other vehicle-specific sources that indicate vehicle damage. Additionally, through LexisNexis Risk Solutions extensive policy history, it can more accurately associate damage events with current and prior owners. The ability to leverage additional information from LexisNexis® Vehicle History and police record data into current processes and rate plans helps allow for better rating and segmentation.
"We're always looking for ways to improve and innovate, and these new features that augment C.L.U.E. Auto help carriers see what they're missing from an even more granular standpoint, whether it's duplicate records or outdated ownership change dates for newly acquired vehicles," said John Kanet, senior director, auto insurance, LexisNexis Risk Solutions. "With numbers of drivers on the road and miles driven nearly back to pre-COVID levelsi it's critical to have as much vehicle and driver information available as possible. C.L.U.E. Auto Damage 360 maximizes C.L.U.E. Auto, helping insurers find 5% more current owner and 27% more prior owner damage events." ii
LexisNexis Risk Solutions internal studies show that a vehicle involved in an accident has a 10% higher claim frequency than vehicles that do not have prior damageiii. As the damage accumulates, so does the claim frequency. The additional C.L.U.E. Auto Damage 360 insights into the vehicle, the owner and the previous owner(s) of the vehicle allow carriers to identify events not previously reported to C.L.U.E., streamline the pull of damage events and claims information within the quote process, and ultimately help carriers better rate and segment the applicants.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com, and www.relx.com.
Media Contacts:
Chas Strong
LexisNexis Risk Solutions
Phone: +1.706.714.7083
[email protected]
Alex Jafarzadeh
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.617.587.2846
[email protected]
i 2022 LexisNexis US Auto Trends Report
ii LexisNexis® Risk Solutions internal study
iii LexisNexis® Risk Solutions internal study
SOURCE LexisNexis Risk Solutions
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