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LexisNexis® Migrates to Next Generation Big Data Processing Platform Offering Insurance Carriers Better, Faster Results and Minimized Premium Leakage - LexisNexis Risk® Solutions announced the migration of its insurance solutions to the LexisNexis Big Data processing platform known as HPCC Systems - LexisNexis.com
LexisNexis® Migrates to Next Generation Big Data Processing Platform Offering Insurance Carriers Better, Faster Results and Minimized Premium Leakage

 

NewswireToday - /newswire/ - New York, NY, United States, 2012/05/04 - LexisNexis Risk® Solutions announced the migration of its insurance solutions to the LexisNexis Big Data processing platform known as HPCC Systems - LexisNexis.com.

   
 
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LexisNexis is leveraging the platform to help insurers assign premium more accurately, better understand their customers and risk throughout the policy lifecycle, and drive a more profitable book of business.

Among the first solutions to migrate to HPCC Systems’ supercomputing platform is C.L.U.E.® Auto, the industry standard loss underwriting database for the auto insurance market, representing 99.6 percent industry contribution. C.L.U.E. Auto with HPCC Systems finds claims on more than 64 percent of all inquiries and has a historical consumer dispute rate of less than 0.04 percent, representing results that are superior for the industry.

A recent study was conducted by LexisNexis on a group of insurance applicants of which 20 percent had been evaluated and reported as having no prior claims history and would not require a C.L.U.E. Auto report. LexisNexis ran these “clean” applicants through C.L.U.E. Auto for the first time, and found 49 percent had prior claims history. The lifetime premium leakage associated with those missed claims totals over $1 million.

“In today's competitive insurance environment, carriers continue to see increases in unreported claims that can represent millions of premium dollars and places additional risk on their book,” said Bill Madison, SVP and general manager, insurance, LexisNexis. “We are proud of the industry collaboration that has occurred with C.L.U.E. Auto and the ongoing investment in innovation and infrastructure to benefit our customers toward achieving 24/7 processing. This insight gives us a more complete view of the market and creates new and meaningful information for our customers to better serve their customers.”

C.L.U.E. Auto historically returned an average $108 in chargeable premium for each inquiry made. After the migration to the HPCC Systems platform, C.L.U.E. Auto identifies 8 percent more chargeable accidents, increasing the average premium surcharge from $108 to $117 per inquiry. For the average-sized carrier, this results in an additional $3 million in premium over the typical policy lifetime.

C.L.U.E. Auto, which commemorates 25 years of insurance claims history for the auto insurance industry in 2012, uses LexIDSM proprietary linking technology and access to more than 40 billion public and proprietary records from more than 10,000 sources. LexID is the fastest linking technology available, enabling customers to identify, organize information quickly and link records together.

With its insurance solutions and LexID on the HPCC Systems platform, LexisNexis delivers:

• actionable insights at the household level in addition to individual level,
• more subject-related claims,
• faster, more reliable claims history
• fraud detection related to complex schemes and collusion, and
• reliable business continuity for insurers with full data recovery processing.

HPCC Systems is an open source, enterprise-proven Big Data analytics platform. HPCC Systems grew out of the need for LexisNexis Risk Solutions to manage, sort, link, join, and analyze billions of records in hours rather than months, with the ability to run queries against these records with sub-second response time. Designed by data scientists, HPCC Systems is a data intensive supercomputing platform that has evolved for more than a decade, supporting enterprise customers who need to process large volumes of data in critical 24/7 environments.

About LexisNexis Risk Solutions
LexisNexis® Risk Solutions (lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, we provide products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading publisher and information provider that serves customers in more than 100 countries with more than 30,000 employees worldwide.

Our insurance solutions assist insurers with automating and improving the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.

 
 
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Written by / Agency / Source: LexisNexis (a division of Reed Elsevier Inc.)

 
 

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LexisNexis® Migrates to Next Generation Big Data Processing Platform Offering Insurance Carriers Better, Faster Results and Minimized Premium Leakage

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LexisNexis® Risk Solution |
Publisher Contact: Regina Haas - LexisNexis.com 
+1 678-694-3569 regina.haas[.]lexisnexis.com
 
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