LexisNexis Insurance Solutions is planning to break into the UK market with a range of data products for the motor insurance market.

The products are designed to help insurers make better underwriting decisions at point of quote, and can also be used to detect fraud.

The firm will offer its software to insurers and broker software houses, and its software can also be used by aggregators to check people manipulating quotes.

LexisNexis vice president Peter Orlay said the firm wanted to help shift insurance risk analysis at point of claim towards risk analysis at point of quote, in real time.

The software will come in three waves:

  • Wave one will use the Claims and Underwriting Exchange database, public credit data, identity checking and insurance risk scores to help cut motor insurance fraud.
  • Wave two will use shared information from databases populated by the motor insurance market.
  • Wave three will move beyond motor into other personal lines classes and small ticket commercial business.

A LexisNexis spokesman said: “LNIS are presently conducting trials for three of the major insurers and are in advanced discussions with the rest of the top 15 general insurers. We expect the first contracts to be signed in the second half of 2011.”

The firm also want to revamp the CUE database to make it more helpful for insurer pricing and underwriting, rather than just claims.

LexisNexis started the CUE database before selling it to Experian in 2000.

Aviva UK general insurance retail director Steve Treloar said: "Aviva welcomes the arrival of LexisNexis insurance solutions into the UK insurance data market. Their vast experience in the US, advanced technology and transparent approach to consumer disclosure will allow greatly enhanced assessment of risk at point of quote."

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