By harnessing the potential of the Google Maps Platform, LexisNexis® Risk Solutions stays ahead of the curve by using innovative mapping techniques to support insurance providers in truly understanding the risk they are pricing or writing.

 

Goals:

• Bring accurate, relevant, and up-to-the-second quality data and analysis to insurers, brokers, and MGAs.
• Integrate next-level information on elevation and movement for a new depth of insight.
• Helps clients across the insurance industry gain 360° visibility into customers and their risk to offer more accurate pricing, in an increasingly crowded industry.

 

Impact:

• More comprehensive and accurate risk data
  360° visibility on past, present and future claims

 

LexisNexis Risk Solutions insurance business, is continually innovating to provide the most relevant and complete technology and data to insurers, brokers, and MGAs Their first-in-class data-driven insights, now include new dimensions, such as accurate elevation information thanks to the Google Maps Platform, providing 360° visibility on risk at every step along the customer journey. In turn, allowing property insurance providers more control, agility and the power to compete on price and ultimately increase their profitability.

 

360° Risk Visibility

Through quality data enrichment, LexisNexis Risk Solutions allows insurance providers to make more informed decisions, by applying first-rate, in-depth analytics to data. More accurate risk prediction reduces the potential for fraud, while better-informed underwriting leads to pricing accuracy. By merging a vast range of datasets from their own proprietary data combined with 3rd party datasets and employing the Google Maps Platform this world-leading insurance data and analytics business provides total visibility of a consumers, a business or a property’s risk throughout their customers journey, from quote, to renewal and even at point of claim.

 

” The more data we can provide to property providers, the more intelligent decisions they can make. We help them provide better and fairer pricing. The more accurate and complete the datasets we use, the more refined data we can give back to the insurance provider. We overlay multiple datasets perils datasets over Google Maps. We also add in some of our own proprietary datasets and models. Google really has a stamp on the globe so in terms of geocoding capabilities Google Maps APIs are best-in-class. “

— Richie Toomey,

Sr. Vertical Market Manager at LexisNexis

 

LexisNexis Risk Solutions offers deeper insights thanks to Google Maps Platform 

LexisNexis is all about providing an insurance provider with a comprehensive view of a risk, be it on individuals applying for insurance to small businesses or large corporations. The need for 360° information is what makes or breaks in this industry. By harnessing the potential of the Google Maps Platform, LexisNexis Risk Solutions stays ahead of the curve by using innovative mapping techniques to support insurance providers in truly understanding the risk they are pricing or writing.

 

Commercial insurance

It’s expensive for property insurance providers to send out surveyors, which is one way in which Google Maps Platform has helped LexisNexis Risk Solutions provide such tangible benefits for commercial property insurance providers. Instead of sending out surveyors to a commercial building or location, an expensive task, that could end up costing more than the premium. Google Maps APIs enable insurance providers to investigate the property virtually, and with access to a multitude of data—way beyond that which may have been available with a physical visit. This helps reduce costs and provides accurate data, to support a seamless decision-making process.

 

Wind and rain

With access via the LexisNexis® Map View platform to the Elevation API, altitude data for all locations on the surface of the earth, including depth locations on the ocean floor used to provide information that is extremely relevant when assessing the risk of flooding, and essential to understanding the risk profile of locations. Elevation API is also incredibly important in terms of understanding propensity around windstorm damage, answering queries such as: how high is the hill? How exposed is the property? What’s the difference in elevation between a location and the nearest body of water—and is it prone to breaching or flooding?

“Mapping has completely changed over the last 10 years or so with the rise of aerial photography, you’ve got planes in the sky all the time collecting data and creating aerial surveys. With that data and technology getting built-into platforms like Google Maps, insurance providers are now able to identify good risks -places free from flooding, where they can accept the business with peace of mind. Most of the information we provide through Map View to the insurance market has some kind of a geospatial element. Obviously Google Maps is an integral part of that story,” outlines Toomey.

 

A new layer of control

Not only does Web Geo Services (WGS) provide LexisNexis Risk Solutions next-level visibility through richer data, they also provide a new level of control that allows them to keep track of usage and thus cost.

“We buy Google Map credits upfront, and then, in partnership with WGS, we effectively monitor usage. We can track how much has been used, and make sure we always have the right amount got maintain the level of service we require for us and our customers. If there is an unusual looking spike that doesn’t match the normal usage pattern or if they suspect we’re running over, they’ll contact us and let us know. This is extremely helpful, allowing us to stay in control of usage and costs,” continues Toomey.

LexisNexis Risk Solution is able to effortlessly monitor their Google Maps consumption, thanks to WGS. With total visibility on usage and potential expenditure increases, they are able to optimally manage budgets. All this while benefiting from best-in-class mapping technology to provide the most accurate and insightful data to insurance providers.