(Flooding at Carlisle Civic Center following Winter Storm Desmond, 2015. Photo credit: Rose and Trev Clough.)
LexisNexis Risk Solutions (London/Atlanta), a provider of data, analytics and technology, has added Flood Re data to its data platform for home insurers and insurance brokers. Flood Re is a not-for-profit reinsurance fund in the U.K. designed to promote the availability and affordability of flood insurance to those who own and live in properties in flood risk areas.
The addition of Flood Re data to the LexisNexis Risk Solutions platform enables insurers to automatically identify any property that qualifies for Flood Re at the point-of-quote and understand the cost of ceding to the program, according to the vendor. Together with building-specific flood modeling data already provided by LexisNexis Risk Solutions, insurers can make better decisions regarding the price to quote and whether to cede the policy to Flood Re. The solution is being used by several leading insurers and is available for both direct insurance business and broking channels, according to a LexisNexis statement.
When winter storms Desmond, Eva and Frank hit recently, the combined insured losses in the U.K. were £1.24b. These losses, the information requirements of Flood Re and concern that U.K. expected annual damages from flooding may rise drives the need for home insurers to gain a better insight into their household risks through building-specific information and exposure management.
LexisNexis Risk Solutions reports that its data platform provides building-level flood data which is critical for managing Flood Re and allows home insurers to automatically flag those risks which may be appropriate to cede to Flood Re. The platform also lets insurers easily add new data sources through the same connection and to continually enhance their home underwriting processes in the future, the vendor says.
“As insurers look to enter the program and onboard as fast as possible, we are very pleased to be working closely with LexisNexis Risk Solutions as they facilitate getting their clients up and running,” comments Andrew Creedon, Insurer Engagement Director, Flood Re.
“This new solution underscores the commitment of LexisNexis Risk Solutions to continuously bring new and meaningful data and analytics solutions to market enabling our customers to make better decisions throughout the insurance workflow and improve their profitability,” comments Bill McCarthy, Managing Director, LexisNexis Risk Solutions, U.K. and Ireland. “We recognize the importance of Flood Re in ensuring all home owners continue to have access to affordable flood insurance. With building-level flood data and key Flood Re data at the point-of-quote, insurers can more accurately assess and price flood risk—to enhance and enrich their household underwriting process.”