LexisNexis Risk Solutions, a provider of data, analytics and technology for the insurance industry, has announced the launch of LexID for Insurance, a customer data management product.
LexID helps US insurance carriers connect disparate customer records through proprietary technology and thousands of data sources.
For auto, home and life insurers that aggregate huge amounts of data, fragmented data and organizational silos have made customer data management (CDM) one of the industry’s biggest challenges. LexID helps insurers create a single customer view across their enterprise, LexisNexis Risk Solutions said.
“Insurance carriers are moving from a policy-centric approach to an enterprise customer-centric approach to be able to better understand the household’s insurance needs, offer more personalized options to consumers, and ultimately retain these consumers as longtime customers,” said Robert McConn, senior director of product management for insurance at LexisNexis Risk Solutions.
“Insurers understand that the quality of data they’re managing is growing exponentially, and to deliver a great marketing, underwriting or claims experience where the consumer feels appreciated, they have to implement an effective customer data management strategy. As a result, LexisID can be integral to helping carriers remain competitive in a rapidly changing digital insurance environment.”
A CDM program using LexisID of Insurance allows insurers to collect, manage and analyze consumer data from various sources to form a single, comprehensive view of the customer. The product can not only improve data accuracy across the enterprise, but it can also assist carriers with delivering products and services better suited to their customers’ needs, the company said.
