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

61 Published TechFacts

5 Published Charts

3 Published Case Studies



Selected Research Highlights


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 Fact

LexisNexis Risk Solutions helps Munich Re solve challenges with (i) the need to price and quote faster across different platforms and (ii) the need to enhance the customer experience.

LexisNexis Risk Solutions Customer Research

Please indicate how critical LexisNexis is to processes in your organisation:

Extremely critical: 14%
Highly critical: 30%
Critical: 43%
Not critical: 14%

LexisNexis Risk Solutions Case Study

One Call Insurance

Introduction

This case study of One Call is based on a December 2018 survey of LexisNexis Risk Solutions customers by TechValidate, a 3rd-party research service.

“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:

  • Currently faces challenges with:
    • The need to price and quote more competitively/accurately
    • The need to bring new products to market quickly
    • The need to enhance the customer experience
    • The need to make operational cost savings
    • The need to prepare for greater personalization of insurance
    • The need to compete against new digital entrants to the insurance market
    • The need to stay on top of emerging issues and trends
  • LexisNexis Risk Solutions helps solve challenges with:
    • The need to price and quote more competitively/accurately
    • The need to bring new products to market quickly
    • The need to enhance the customer experience
    • The need to make operational cost savings
    • The need to prepare for greater personalization of insurance
    • The need to compete against new digital entrants to the insurance market
    • The need to stay on top of emerging issues and trends

Use Case

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

  • Achieves the following with LexisNexis Risk Solutions:
    • Maximizes growth and profitability across the insurance value chain
    • Prices and assess risk more accurately
    • Increases flexibility, faster, and more nimble business processes
  • In the Motor insurance sector.
  • Works for a a broker.

Results

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

  • Chose LexisNexis Risk Solutions for it’s ability to:
    • Access tools to efficiently improve business performance
    • Access trusted and authoritative risk attributes/scores
    • Access to new customer insights from contributory databases
  • Places the following importance on LexisNexis Risk Solutions benefits:
    • price and quote more competitively: very important
    • gain a clearer picture of your overall risk: very important
    • gain operational savings in terms of cost or time to market: very important
    • gain business insight to form strategy: very important
    • more fully respond to customer needs at the point of quote: important
    • more fully respond to risk over time: important
    • gain new risk insights from contributory data in the
      workflow: very important
  • Saw a high ROI with LexisNexis Risk Solutions.
  • LexisNexis is highly critical to their processes.

LexisNexis Risk Solutions Customer Satisfaction Rating

A Head of Home Product at a small insurance company would be likely to recommend LexisNexis Risk Solutions for this reason:

[LexisNexis Risk Solutions] has a comprehensive set of useful and practical solutions.



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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