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Insights into Attracting Insurance Business, Accurate Pricing with LexisNexis® Client Survey Results

LexisNexis Risk Solutions is a key partner for insurance companies to ‘price more competitively’ and ‘attract new business’, according to our latest voice of customer (VOC) survey. For 94% of our clients, this is a top challenge LexisNexis® helps them to address, along with assessing risk more accurately.

In a year marked by the pandemic, new working patterns and a lot of changes to the profile of risk, LexisNexis Risk Solutions received high scores in the latest UK & Ireland VOC survey. The responses have shown that we are successfully fulfilling our goal: to support insurance companies in delivering products that provide the right cover and are accurately priced to their customers, especially in challenging times.

The results are very encouraging and insightful. The survey has also shown areas that we’ve been working on for improvement, for example working with a broader range of insurance providers – continuing to grow our data solutions for the broker market – and for us, that information is just as valuable as the numbers showing what we have got right.

100% of insurance clients responding to the survey said LexisNexis Risk Solutions provides a positive return on investment. Overall in 2020:

  • 7% of clients said they see an ‘extremely high ROI’ from working with us
  • 20% of clients said they see ‘high ROI’
  • 73% of clients saying they see ‘positive ROI’.

By comparison, when surveyed in the same way in 2018, 7% of clients said they saw ‘high ROI’ and 93% of clients said they saw ‘positive ROI’.

When questioned about the business problems we help insurance providers solve and the reasons why they choose our solutions, clients mentioned most often that they chose us to ‘gain access to trusted and authoritative risk attributes and scores’, as well as ‘tools to efficiently improve their business performance. In addition, 100% of the insurance providers responding to the survey said LexisNexis Risk Solutions is ‘critical’ to processes in their organisation.

  • 13% of respondents said LexisNexis Risk Solutions is ‘extremely critical’ to their insurance organisation
  • 31% of respondents said LexisNexis Risk Solutions is ‘highly critical’ to their insurance organisation
  • 56% of respondents said LexisNexis Risk Solutions is ‘critical’ to their insurance organisation.

Compared to our previous survey, in 2018, in all aspects of this question we covered, the gains in customer satisfaction have been positive.

The majority of clients said they highly rated LexisNexis Risk Solutions, awarding either four or five stars on a five-point scale. Looking into their responses, we identified some common themes driving their opinions. We are particularly interested in hearing about the insurance journey of the end-customer, since a major focus for us is on ensuring we are providing exceptional customer service.

Based on verbatim comments mentioned in the survey, our clients gave us high ratings based on the ‘quality of discussions’, the ‘client support’, ‘information provided’ and the ‘pace of communication’. These partnership discussions were all aspects that are considered important by our clients and in this aspect we take it as a positive that overall, we are meeting customer expectations.

As for clients commenting on specific solutions and product benefits, in verbatim comments customers said that the our LexisNexis® insurance solutions are ‘”intuitive” and an “excellent fit”. One client mentioned their “strong historical relationship” with the company as beig very important. Overall, clients said they associate LexisNexis Risk Solutions with innovation and view us as company “always one step ahead of the competition”.

Most important, nearly of all respondents (94%) said our services help insurance providers achieve greater competitiveness. For us, that’s what matters: supporting our clients to offer the right product at a competitive price for their customers. 39% said we help to deliver operational cost savings and 33% said we support the need to enhance the customer experience.

Challenges and opportunities

As part of the survey, we asked respondents what are the key challenges for their organisations. We then asked what challenges LexisNexis Risk Solutions is helping them to address. This year, ‘the need to price and quote more competitively and accurately’ topped the list. As previously mentioned, nearly all clients said we are helping them with the core aspect of quoting and pricing.

We very much see ourselves as helping to solve the common industry issues and the underlying information gaps. LexisNexis Risk Solutions is an industry leader in predictive analytics for insurance. Through innovative solutions, such as point of quote data with LexisNexis Informed Quotes, we intend to stay at forefront delivering big data to deliver personalised insurance, personalised and transparent pricing. For motor we have the power of the LexisNexis Vehicle Build ADAS risk classification and this overlaps with the work we’re doing in the connected car space, working with the automotive OEMs.

One client commented that our products are “innovative” and they’re an “excellent fit” because we are on top of emerging issues and trends.

We would like to thank all clients who take part in our customer surveys as these are vital part of helping us to understand how we improve our services and remain a customer-centric business. Watch this space for our ongoing news and market insights. Plus, you can comment in the comment box below. Let us know what interests you and the demands you’re seeing in your own business.

*LexisNexis Risk Solutions surveyed clients in December 2018 and December 2020 from the third-party, audited survey platform Techvalidate. Clients had the opportunity to score our service (in a 1-5 star rating), to give statements about the service they receive, to comment on ROI, product benefits as well as industry challenges and the challenges we help them solve.

Follow the link to the LexisNexis Risk Solutions website to find out more about how we support insurance providers.

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