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TechValidate Research on LexisNexis Risk Solutions

These pages present data that TechValidate has sourced via direct research with verified customers and users of LexisNexis Risk Solutions. TechValidate stands behind the authenticity of all published data. Learn more »



410 Data Points Collected

32 Published TechFacts

5 Published Charts

1 Published Case Study



Selected Research Highlights


LexisNexis Risk Solutions Customer Research

What types of challenges does LexisNexis Risk Solutions help your organisation solve?

The need to price and quote more competitively/accurately
82%
The need to make operational cost savings
47%
The need to enhance the customer experience
34%
The need to stay on top of emerging issues and trends
34%
The need to price and quote faster across different platforms
32%
The need to prepare for big data and new, external sources of risk data and the Internet of Things
29%
The need to bring new products to market quickly
26%
The need to improve customer retention rates
21%
The need to prepare for greater personalisation of insurance
13%
The need to compete against new digital entrants to the insurance market
11%
The need to improve claims processes
5%

LexisNexis Risk Solutions Customer Review

4/5 Stars

In a sentence or two, please describe a recent experience or specific situation where LexisNexis Risk Solutions was most helpful.

LexisNexis® were able to deliver new data services very quickly and under tight timescales.

In a sentence or two, please describe the benefits you and your organization have achieved by using LexisNexis Risk Solutions.

Greater insight and ability to price and select risks more accurately.

LexisNexis Risk Solutions Customer Research

What are the main types of challenges your organisation currently faces?

The need to price and quote more competitively/accurately
80%
The need to make operational cost savings
63%
The need to stay on top of emerging issues and trends
60%
The need to prepare for big data and new, external sources of risk data and the Internet of Things
53%
The need to enhance the customer experience
48%
The need to improve customer retention rates
43%
The need to bring new products to market quickly
40%
The need to compete against new digital entrants to the insurance market
35%
The need to prepare for greater personalisation of insurance
33%
The need to price and quote faster across different platforms
25%
The need to improve claims processes
18%

LexisNexis Risk Solutions Case Study

Medium Enterprise Insurance Company

Introduction

This case study of a medium enterprise insurance company is based on a December 2018 survey of LexisNexis Risk Solutions customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“LexisNexis Risk Solutions’ services provide insurance providers with the services they need to help achieve greater competitiveness.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select LexisNexis Risk Solutions:

  • The need to price and quote more competitively/accurately
  • The need to price and quote faster across different platforms
  • The need to bring new products to market quickly
  • The need to make operational cost savings
  • The need to improve customer retention rates
  • The need to improve claims processes

LexisNexis Risk Solutions helps solve challenges with:

  • The need to price and quote more competitively/accurately
  • The need to price and quote faster across different platforms
  • The need to make operational cost savings

Use Case

The key features and functionalities of LexisNexis Risk Solutions that the surveyed company uses:

  • Prices and assess risk more accurately
  • Increases flexibility, faster, and more nimble business processes

The individual works in the Motor insurance sector.

Results

The surveyed company achieved the following results with LexisNexis Risk Solutions:

  • Assess holistic risk across their book of business
  • Better leverage staff and resources
  • Access to new customer insights from contributory databases

The company surveyed places the following importance on LexisNexis Risk Solutions benefits:

  • Price and quote more competitively: very important
  • Gain a clearer picture of overall risk: important
  • Gain operational savings in terms of cost or time to market: very important
  • Gain business insight to form strategy: important
  • More fully respond to customer needs at the point of quote: important
  • More fully respond to risk over time: very important
  • Gain new risk insights from contributory data in the workflow: important

The surveyed company:

  • Saw a positive ROI with LexisNexis Risk Solutions
  • Stated LexisNexis┬« is highly critical to their processes.

LexisNexis Risk Solutions Customer Satisfaction Rating

Nicholas Edge, Senior Fraud Manager at Swinton Group, would be very likely to recommend LexisNexis Risk Solutions for this reason:

The service that is provided is second to none with a very good support service. The customer relationship management is very accessible and ready to address any concerns. The data services provided, and hosting facilities, allow Swinton’s fraud solution to operate seamlessly.



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About LexisNexis Risk Solutions

LexisNexis® Risk Solutions help organizations of all kinds manage risks like identity theft, fraud, money laundering and terrorism, and prevent financial crimes and insurance and government benefit scams.

LexisNexis Risk Solutions Website   LexisNexis Website