‘What’s Next?’ The theme of the 2024 BIBA Conference is one that rings true for James Burton (pictured) UK&I managing director of insurance for LexisNexis Risk Solutions.
Looking ahead to the conference kick-off on Wednesday (May 15), he said he’s relishing the opportunity to mingle with faces old and new in the market, and to talk through what his team has been up to and what’s next. With the mix of guest and keynote speakers lending their insights to the sector this year offering a great reflection on the broadening remit of the insurance proposition, he noted that it promises to be a conference with something for everyone.
Looking to the team’s plans for BIBA 2024, he highlighted that an area of focus will be its geospatial risk product which is aimed at helping brokers understand more about the perils risk around property – including subsidence and flood risk. In addition, the team will be discussing its recent partnership with Thatcham Research and the distribution of Thatcham’s vehicle risk data into the UK and ROI markets.
“We’ll also be talking about our vehicle build solution and the information we’re seeing at the moment that already, eight in 10 new cars have some form of driver assistance. Meanwhile, [our] data shows that cars with advanced driver assistance systems are 31% less likely to have a claim… You can already see that technology working both for consumers and the sector. So, the more we can offer those types of solutions into the market, the better.”
Precision claims – the latest LexisNexis Risk Solutions’ contributory solution – is high on the agenda for Burton and his team, with the launch of this solution slated for the back-end of Q2 2024. It’s an exciting time, he said, as it plays into its sweet spot of contributory data.
With so many insurers contributing their claims data, combined with the firm’s existing policy contributory database, there’s the opportunity for a much richer and granular view of claims history not just across motor and home – but also how these two segments interact. For brokers in particular, he said, there’s an interesting dynamic at play, as if they have a contributing insurer on their broker panel, they’ll still be able to get delegated access to this data, even if they aren’t necessarily contributing claims data themselves.
“[These brokers] will be able to access this claims data and have much more insight into past claims experience,” he said, “not only for individuals but also for the asset that’s being underwritten as well.”
Assessing the evolving demand for “actionable insights” from brokers, Burton highlighted that this is not so much a new development but rather an extension of brokers wanting to understand more about their customers. Brokers prize having that front-end relationship with their clients, he said, and, as a result, what they want to do is ensure that their consumer base has the right product to fit their needs.
“What we're hearing from the market is that this is underpinned by data, but [crucially] by having the right data at the right time, which is actionable,” he said. “So, if a consumer wants to take out a home policy, it’s about understanding the claims experience of that home - and not necessarily just the individual – but also how many claims have been in that home.
“All of that data just provides much more insight into how that broker can then take out that policy for that consumer. I think there's much more actionable data that is being demanded of us from the market, which is a good thing and a positive sign of where things are going.”
