LexisNexis and BuildFax Collaborate to Expand Homeowners Solutions
LexisNexis® Risk Solutions today announced a strategic relationship with BuildFax to assist homeowners insurance companies with the challenges associated with insuring homes. Through this relationship, insurers will be able to acquire much-needed building permit information to enhance their ability to identify, assess, select and manage risks that are consistent with carriers' underwriting philosophies and risk appetites. With this new offering, insurers will also be able to address an emerging need for “age of roof” information to improve the profitability of their homeowners line of business.
“LexisNexis is combining BuildFax's permit intelligence with our industry leading insurance data to deliver actionable insight across the policy lifecycle and enable insurance carriers to have a comprehensive view of their portfolio of risks,” said Alex Tsetsenekos, vice president and general manager, homeowners insurance, LexisNexis. “A natural compliment, our organizations are committed to supporting the insurance industry in the areas of risk selection, portfolio management and consumer/agent experience.”
“In 2011, carriers lost an incredible $25.8 billion on thunderstorm claims; the most expensive year on record,” said Holly Tachovsky, President of BuildFax. “Our clients are telling us that underwriting performance within homeowners has been either flat or even at a slight loss. But when combined with today's depressed investment yields, we're hearing that the situation is intolerable; and underwriting performance must improve. This partnership enables carriers to respond and profit in this environment.”
Over the last several years, the combination of downward pricing pressure due to poor economy and the need for carriers to raise rates to compensate for extraordinary weather-related losses are driving carriers to innovate their homeowners' product lines. Industry leaders have traditionally relied upon LexisNexis for seamless access to comprehensive data sources and insight. Now, because of the relationship with BuildFax, carriers will be able to optimize their marketing spend by targeting those risks with more favorable characteristics, such as those based on age of roof, new construction or home improvements. For carriers who rely on LexisNexis for pre-fill solutions, BuildFax's roof intelligence will enable more accurate rate and product decisions than traditional sources of roof age, such as year built.
Tsetsenekos added, “LexisNexis has long been recognized as a preferred provider of must-have data to insurance industry leaders. In the next phase of homeowner-line profitability, our ability to bring assets like BuildFax will help bring about resolution to market challenges and help mold the future of insurance.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, we provide products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading publisher and information provider that serves customers in more than 100 countries with more than 30,000 employees worldwide.
Our insurance solutions assist insurers with automating and improving the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.
BuildFax is the creator of the first and only automated source for national, historical building permit data, providing details on property condition and improvements – such as major remodels, additions, and new roofs. Armed with BuildFax property intelligence, carriers can reduce costs and improve profitability through property change detection, more accurate roof age, re-inspection optimization, and more. The BuildFax national footprint continues to grow, currently covering over 72 million residential and commercial properties in the United States, with over 6 billion data points. For more information, visit www.buildfax.com.
Regina Haas, +1.678.694.3569