LexisNexis rolls out commercial property risk assessment tool
The solution aims to enhance underwriting and renewal processes by providing predictive modelling capabilities to evaluate property risks.
The tool combines industry loss data, weather forensics and property characteristics into predictive modelling risk scores.
It also includes proprietary claims information and neural network-driven models to deliver insights to insurers for assessing commercial property risk.
The predictive model offers 20-times lift, helping insurers identify 10% of properties driving 34% of weather-related losses, the company's press release said.
The solution integrates with existing underwriting and renewal workflows and supports risk control strategies.
LexisNexis Risk Solutions commercial insurance senior vice-president David Zona said: "As opposed to conventional sources of information from basic weather data, roof age and aerial imagery, LexisNexis Location Intelligence represents a new standard for commercial property risk assessment that helps give insurers the actionable intelligence they need for a fuller and more granular view of risk coupled with workflow automation they can actually leverage.
'With Location Intelligence, they can better assess risk, such as which 10% of the properties in their book could generate a third of their property losses. This can put them in a unique position to be a customer service leader, proactively working with their customers on risk mitigation and resilience efforts.'
In February, LexisNexis released an AI-powered property survey solution for insurance carriers.
"LexisNexis rolls out commercial property risk assessment tool " was originally created and published by Life Insurance International, a GlobalData owned brand.
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