(Image source:LexisNexis Global Insurance Alliance program web page.)
LexisNexis Risk Solutions (Atlanta) has launched LexisNexis Global Insurance Alliance program which lets insurers integrate with more than 125 alliance program members to access LexisNexis policy and claims solutions that leverage what the vendor asserts is the industry’s most comprehensive data repository, a proprietary method of linking and clustering data, and the processing speed of the LexisNexis HPCC Systems big data computing platform. The prebuilt technology integrations will accelerate time to market for insurance carriers by delivering advanced analytics and new innovations through a scalable platform, the vendor says.
“The insurance industry has steadily moved toward prebuilt solutions that use a software-as-a-service architecture, and the LexisNexis Risk Solutions platform is designed for this type of delivery model,” comments Drew Whitmore, Senior Director of Global Alliances, LexisNexis Risk Solutions. “For the past two decades, we have been working with various organizations to bring our data analytics products to our mutual insurance customers, but have now created more structure and a formal program. With this launch, our goal is to make insurers aware of the many relationships we have in place so that they can easily tap into them. We also want to help insurers get their products to market faster, which helps them stay competitive.”
The LexisNexis alliance program includes three types of alliances, according to the vendor’s announcement:
- Data Delivery
- Systems Integrator
- Industry Organization
Data Delivery Alliances distribute LexisNexis data analytics solutions through their own insurance software products, such as claims or policy administration systems. Systems Integrators provide carriers with resources and expertise to complete a technology transformation initiative, and Industry Organization Alliances offer best practices and thought leadership to help improve outcomes.
Duck Creek Technologies, a Data Delivery Alliance partner, has integrated several LexisNexis claims and underwriting solutions with its Duck Creek OnDemand platform. “The LexisNexis Insurance Alliance program expands our business potential by reaching the widest base of P&C insurance companies globally,” comments Patti Griffin, Chief Product Officer at Duck Creek (Boston). “The breadth of the data, risk analytics and services from LexisNexis combined with Duck Creek’s solutions gives carriers real-time access to thousands of data sources, as well as the speed to put it to work for insurers immediately.”
Alliance members, representing a range of technology providers and up-and-coming InsurTechs get exposure to LexisNexis relationships with more than 600 insurers in the home, auto, life and commercial insurance segments, according to the vendor.
Guidewire Software, joined the LexisNexis program to help Guidewire/LexisNexis customers improve data accuracy and enhance customer service, according to the LexisNexis announcement. Integrated with Guidewire ClaimCenter, LexisNexis Claims Datafill helps insurers and agents provide better customer service by speeding up first notice of loss (FNOL) in the claims process by delivering real-time data for people, vehicles, and policies to ClaimCenter so that consumers can get back on the road more quickly.
“We are pleased to have an alliance with LexisNexis Risk Solutions that helps insurers adapt and succeed in a time of accelerating change,” comments Becky Mattick, Senior Director, Global Solution Alliances, Guidewire Software (Foster City, Calif.). “With LexisNexis data available directly in ClaimCenter, our mutual customers can enhance their customer-facing experiences from quoting and underwriting to servicing and claims with automated workflows for verifying, enriching and pre-filling forms.”
Evolving Distribution Channel for LexisNexis Offerings
“In recent years, the insurance market has been the recipient of unprecedented levels of capital,” LexisNexis’ Whitmore adds. “This is driving a rapid pace of change and innovation that LexisNexis is keen to bring to our customers through our Alliance program. This is an evolving distribution channel for LexisNexis data assets and we are focused on growing our Alliance program to support the evolving needs of customers across all lines of business.”