Insurtech Insights’ Post

Transcript

There's a whole lot of data out there in the universe, and I think it's probably overwhelming for most carriers. And it's not only overwhelming, but then it's tough to decide what's what's important, what's what's relevant, and then how do I consume it? Thanks for joining us at the event. Wanting to kind of start off the interview with the final open question, but LexisNexis Risk Solutions, uh-huh, obviously part of a wider strategy in ecosystem within insurance, but talk to me about that kind of area of the business and while you're here across this. Yeah, well, absolutely. So let's Nexis Risk Solutions covers a wide range in and of itself as well. Our focus here today is really on a concept we call total property understanding and total property. Staining involves allowing carriers to have a better understanding of the the risk both from a interior exterior perspective as well as utilizing geospatial data and other data points to. Have a full understanding to make decisions for underwriting or claims and other parts of the business also. And data in particular, I I think the, you know, the industry is really recognizing the importance of data. Talk to me a little bit about that data and how that can be really used by insurers to to see those benefits that you need to. Yeah, absolutely. Well, there's, there's a whole lot of data out there in the universe and I think it's probably overwhelming for most carriers. And it's not only overwhelming, but then it's tough to decide what's what's important, what's what's relevant, and then how do I consume it? The best way to make efficient decisions. And, you know, based on some of the things that we've heard at the conference, you know, carriers are looking for ways to, of course, utilize technology like AI. To enable their folks to, to make better decisions. But that data has got to be captured and, and, and housed and delivered in a way that makes the most sense. So we found is that capture or something LexisNexis has done over the years and done quite well. We've combined that with a variety of truth on the ground inspection data capture as well as the other data points I mentioned. But ultimately it boils down to. Data-driven workflows to provide the appropriate insights to make those decisions. So we have to allow their folks the opportunity to continue to do what they do best. But also give them a chance to consume that data and that information in a way that speeds up the process, reduces cycle times. Awesome. And I guess one thing you kind of touched upon there is that balance is a tech provider or you almost also become a bit of a consultant on those processes, those lows, you know you're going to work with lots of different carriers on those. And it talks about the importance of. I guess the yeah, the tech provider being able to to showcase that, that element of it, right? No, it's a great point. So, you know, the industry is taking time to evolve and accept change and technology. I think we're at the cusp of that for sure. At the same time, it's tough to decide what's right for the organization. And from a technology perspective, we we've made great strides in in the industry and. And have a very good track record. So, you know, we do take a consultative approach and, and we're helping guide carriers down a path to help them solve the problems that they're trying to solve the day. And, and it's there's a lot of unknowns out there. I think some carriers are trying to build on their own and sometimes they find that's a pretty tough course. We can help them get there quicker typically, but of course, it's got to be right. Yeah, of course. And I guess you know, let's kind of wrap up on the fact that, you know, you're here introducing insights. You know what's one key thing that when people are watching this back post event that you know you want them to think about when they think about LexisNexis risk, risk solutions. Yeah, sure. So think of us really as an enterprise wide solution offering, so really throughout the entire lifecycle of policy. And your engagement with your your customers, we're there to help from a quote through Vines and time of acclaim at renewal, any touch points along the way. And we've really focused on the customer experience, but also on the experience of your staff and enabling them to make the best decision they can. So I think really when you look at LexisNexis, you look at us as a partner throughout that. We can, we can again provide end to end solutions, we can help with with minute problems here and there as well. So happy to help whoever we can. Awesome. Well, great to talk to you and yeah, look forward to seeing you at a future event.