TransUnion and LexisNexis Risk Solutions Team Up To Offer Powerful Credit Data To Support UK Insurance Market
Global information and insights provider TransUnion has expanded its relationship with LexisNexis© Risk Solutions in the UK to give insurance providers access to its TrueVision® solution, helping to support premium payment decisions at the point of quote.
The TransUnion data will be incorporated into the LexisNexis® Informed Quotes platform to create one of the most powerful private credit data sets available to the insurance market. Aligning with industry changesi and consumer needs, this will help UK insurers understand the most appropriate premium payment option for a customer during the quote process.
“Using precise data and insights can aid insurers in targeting customers appropriately and confidently offering more instalment finance options,” said Andy Piggott, director of core credit at TransUnion in the UK. “The economic uncertainty we’ve seen as a result of the pandemic makes judging credit risk more complex than ever for insurers, so access to our TrueVision solution via LexisNexis Risk Solutions will give the insurance market the power to make swift, informed and fair premium payment decisions that work in the best interests of their customers.”
TrueVision, from TransUnion, is the latest addition to the LexisNexis Risk Solutions platform which delivers high volume, real-time data into more than 220 million UK insurance transactions a day, helping insurance providers to provide a swift and personalised customer journey.
Rather than looking at a single snapshot in time of a consumer’s financial standing, TrueVision incorporates up to 72 months of account history – along with actual payment amounts – to analyse historical trends and predict future consumer credit behaviour. This creates a more complete view of a customer’s financial position, enabling more accurate and better lending decisions.
James Burton, senior director of product management, UK and Ireland, at LexisNexis Risk Solutions said: “Now more than ever, the insurance sector needs to be offering flexibility and convenience to customers, particularly where mandatory insurance protection is concerned. Expanding our relationship with TransUnion by distributing TrueVision will offer crucial insight over premium affordability based on credit data. This will help to ensure customers get the cover they need with the premium paid in a way they can afford.”
The addition of TrueVision to LexisNexis Informed Quotes will give insurance providers access to powerful credit data attributes updated every 24 hours, alongside a wide and rapidly growing range of other products and data services.
As Allen Seldon, insurance product director at TransUnion in the UK, explains: “This can help them make an instant and holistic assessment of risk and offer their customers premium payment options based on up-to-date information; smoothing out the customer journey and insurance quotation process.”
i Financial Conduct Authority. General insurance pricing practice amendments