Case Studies LV= invests in LexisNexis® Map View technology to maximise its underwriting profitability and reduce its flood exposure

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	LV= invests in LexisNexis® Map View technology to maximise its underwriting profitability and reduce its flood exposure

LV= invests in LexisNexis® Map View technology to maximise its underwriting profitability and reduce its flood exposure

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
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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.

About 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.

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.

Impact #1	LV=’s underwriting teams are now equipped with tools and insights to assess flood risk at the building level, ensuring the business remains profitable and not exposed to unnecessary risk.
Impact #2	The new technology allows underwriters to save time and deliver better service to brokers.
Impact #3	The deployment of LexisNexis® Map View has opened up new business opportunities that LV= would have previously turned away.

Impact #1

LV=’s underwriting teams are now equipped with tools and insights to assess flood risk at the building level, ensuring the business remains profitable and not exposed to unnecessary risk.

Impact #2

The new technology allows underwriters to save time and deliver better service to brokers.

Impact #3

The deployment of LexisNexis® Map View has opened up new business opportunities that LV= would have previously turned away.

Benefit #1	LV= has over 5,700 employees working in 17 offices across the UK.
Benefit #2	LV= serves more than five million members and customers.

Benefit #1

LV= has over 5,700 employees working in 17 offices across the UK.

Benefit #2

LV= serves more than five million members and customers.

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Overview

LV= invests in LexisNexis® Map View technology to maximise its underwriting profitability and reduce its flood exposure

Operational Impact

Quantitative Benefit