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Paymentshield and LexisNexis partner to provide data-backed insurance quotes

Jessica Bird

April 14, 2020

online quote

Insurance administrator and distributor Paymentshield will partner with data and analytics company LexisNexis, to enhance its existing Quick Quote tool.

 

Through the partnership, the pre-existing tool will use the LexisNexis Home Prefill product to pull through and integrate property data in real time, and automatically populate the quote screen based on the address of the property alone.

Data will include build year, build type and number of bedrooms.

This will reduce the amount of information an adviser requires from the client, and minimise the time spent inputting data, allowing for an increased focus on providing expert advice and improving the customer experience.

By relying on accurate data from a third party, the insurance quote will then be less likely to fluctuate in price once the details have been verified.

This follows enhancements made to the Quick Quote functionality earlier this year, enabling advisers to add additional cover options such as accidental damage and home emergency from within the tool itself.

Rob Evans, CEO at Paymentshield, said: “In the current situation caused by the coronavirus pandemic, many advisers will be turning their focus to their back book, and may be producing new quotes for existing clients.

“The new Quick Quote tool can support that proactiveness, by providing advisers with a quick and reliable quote.

“The relationship with LexisNexis Risk Solutions is the latest initiative in our ongoing commitment to ensure that ‘quick’ does not necessarily mean a compromise on quality.

“We’re conscious that a lot of other quick quote style tools in the market focus solely on speed.

“We’re continuing to innovate to help deliver the best possible customer journey – improving our technological capabilities to help advisers strengthen their customer relationships and make conversations about [general insurance (GI)] more valuable.

“We chose LexisNexis Risk Solutions because we believe the data [it provides] is quite simply the best and most accurate in the market, and we wanted to give advisers a quoting tool they know they can trust.

“This is all being done with a view to closing the gap between the initial premium quote, and the premium the customer actually ends up paying.

“In times of economic uncertainty, ensuring the final quote is as close to the original as possible is really important in strengthening customer relationships.”

Martyn Mathews, senior director, personal lines, at LexisNexis Risk Solutions, added: “The property characteristics data we hold in our LexisNexis Home Prefill product is not only designed to make the application and quoting process smarter and more efficient, it reduces the onus on customers to provide this detail.

“This new agreement with Paymentshield demonstrates the power of timely, accurate and verified property data in transforming the customer journey in home insurance.”


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