LexisNexis Risk Solutions has launched LexisNexis Precision Claims, which is a contributory claims database for motor and home insurance. It aims to enable insurers to access home and motor claims data for a person, a property and a vehicle including the type of claim, the circumstances and the settlement.

Carla McDonald, director of insurance claims product management at LexisNexis Risk Solutions, UK and Ireland, said: “Granular claims data with cross-search functionality has been a big blind spot for the market, potentially leading to less accurate pricing for the consumer and higher loss costs for insurance providers.

“Lack of a cross-market view may also have impacted the sector’s ability to fully understand the customer’s needs. For example, as we can see from the data gathered from our US business, if you know an individual has had three or more motor claims, then you know the cost of their home claims could be up to 40% higher.

“Understanding this may mean ancillary services or different products could be offered to the individual to help mitigate or reduce the risk of a home claim in the future.”

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