LV= invests in LexisNexis® Map View technology to maximise its underwriting profitability and reduce its flood exposure
Company Size
1,000+
Region
- Europe
Country
- United Kingdom
Product
- LexisNexis® Map View
- LV=AccuRate
Tech Stack
- Flood Mapping
- Street View Technology
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Software Design & Engineering Services
- System Integration
About The Customer
With over 5,700 employees working in 17 offices across the UK, LV= is the UK’s largest friendly society and a leading financial mutual, with more than five million members and customers. LV= has deployed the LexisNexis risk assessment and exposure management software platform, LexisNexis® Map View, to reduce its exposure to flood and maximise its underwriting profitability. LexisNexis® Map View is designed to help global property insurers and brokers optimise their underwriting performance, and manage their risk and exposure.
The Challenge
As LV=’s commercial property insurance business continues to grow, and with the rise in flooding and one-off weather events, the insurer wanted to arm its underwriting teams with the best technology to help them quickly and accurately assess the flood risk associated with any given property. By empowering its teams with the tools and insight to assess flood risk at the building level, at the point-of sale, LV= ensures its business continues to be profitable and is not exposed to unnecessary risk. The online tool uses state-of-the-art street view technology and flood mapping to show highly accurate images of properties and their proximity to flood plains and previous flood activity.
The Solution
LV= has launched LexisNexis® Map View, branded internally as LV=AccuRate, and rolled it out to all its branch and package underwriting teams. The tool uses state-of-the-art street view technology and flood mapping to show highly accurate images of properties and their proximity to flood plains and previous flood activity. This technology allows LV= to deliver the best possible service to its brokers by making underwriting more efficient and potentially opening the door to new business opportunities. The LexisNexis technology is designed to help leading insurers like LV= significantly reduce their exposure to flooding and all other perils, thereby increasing their underwriting productivity and overall profitability.
Operational Impact
Quantitative Benefit
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