LexID for Insurance Gives Insurers a More Holistic View of Their Customers
LexisNexis Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, now offers U.S. insurance carriers superior assistance in linking and connecting disparate customer records through LexID for Insurance. LexID is the unique identifier built from proprietary linking technology, more than 35 years of referential data and thousands of data sources to match disparate identity information and help insurers create the sought-after single customer view across their enterprise. For auto, home and life insurance carriers that aggregate tremendous amounts of data to optimize risk-decision making and meet rising consumer expectations, legacy systems, fragmented data and organizational silos have made customer data management (CDM) one of the insurance market’s biggest impediments.
“Insurance carriers are moving from a policy-centric approach to an enterprise customer-centric approach to be able to better understand the household’s insurance needs, offer more personalized options to consumers, and ultimately retain these consumers as long-time customers,” Robert McConn, senior director of product management, insurance, LexisNexis Risk Solutions, said. “Insurers understand that the quantity of data they’re managing is growing exponentially, and to deliver a great marketing, underwriting or claims experience where the consumer feels appreciated, they have to implement an effective customer data management strategy. As a result, LexID can be integral to helping carriers remain competitive in a rapidly changing digital insurance environment.”
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A CDM program using LexID for Insurance allows insurers to collect, manage and analyze consumer data from various sources to form a single, comprehensive view of each customer. Disparate consumer records can be linked into a common LexID consumer identifier using LexisNexis® Scalable Automated Linking Technology, a patented method of linking and clustering data. By pulling together data from multiple touchpoints – marketing, quote, renewal and claims – insurance providers can build a comprehensive and accurate representation of their customer. Not only can LexID for Insurance improve data accuracy across the enterprise, but it can also assist carriers with delivering products and services better suited to the needs of their customers.
“While customer data within an insurer is the lifeblood of its business – one of its greatest assets and competitive advantages, insurers of all sizes face the hurdle of harnessing their data and using it to its full potential,” said Mark Breading, partner, Strategy Meets Action. “The financial costs are obvious, however, other consequences of inaccurate or unused data can run deeper such as customer service inefficiencies, missed opportunities, fraud and even harmed brand reputation. Centralizing the management of customer information is critical for a business’s continued success.”
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“In addition to helping drive profitability and a differentiated customer experience, an effective CDM strategy can also serve as a catalyst for reviewing compliance processes in a world of evolving customer privacy laws and regulations,” said McConn.
Data continues to fuel the future of consumer engagement for insurers. A proven matching solution, LexID has been the foundation of LexisNexis Risk Solutions products and services for over a decade and can help bring sense and order or organization to insurance provider-held customer databases. Visit our LexID for Insurance page or LexID video for more information.
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