No Claims Discount
The No Claims Discount module (NCD) for LexisNexis® Policy History Motor automates the verification and validation process for insurers, providing efficient access to credible data, helping insurers to meet consumer demands while minimizing risk.
- Minimize exposure and improve pricing – Because the data is both timely and credible, risk can be better assessed and priced adequately at the time of quote.
- Realize cost savings – The automated no claims discount verification process replaces costly and labor-intensive manual processes.
- Optimize the shopping experience – Validation occurs in real-time, eliminating the need for consumers to provide claims history details, making it easier for consumers to do business with participating insurers.
How NCD works
The information available through NCD is more accurate than consumer-provided claims histories because it comes directly from insurers. Accessing the service is easy:
- Motor insurers and brokers contribute active, renewal and historical no claims discount information.
- New policies and policy changes are updated daily.
- NCD is available as an integrated part of the insurance application process or in batch, allowing insurers to update existing books of business as desired.
For over 25 years, LexisNexis has provided preeminent data and analytic solutions to insurance professionals. We stringently adhere to best practices, respecting data protection and ensuring strict compliance and excellent service. Some examples of best practices regarding NCD include:
- LexisNexis provides a full Subject Access Request Process to consumers at no additional cost to insurers and works with the consumer, contributing insurers and brokers to resolve any disputes.
- NCD contributors may only access data in response to inbound requests for insurance or in relation to a current policy holder (i.e. fraud investigation) and are prohibited from using data for marketing purposes.
- Prior to loading data into a production database, LexisNexis runs approximately 400 automated checks to ensure quality of data inputs from contributors.
Minimize exposure and adequately price risk
Significant losses can occur when inaccurate claims histories are used to underwrite insurers. Our data is highly reliable and access is real-time, providing insurers with the most up-to-date information for evaluating and pricing risk. In addition, fraud is reduced and confidence is improved from the time of quote.
Realize cost savings
NCD can help insurers realize significant cost savings and increase their market competitiveness. The fully automated verification and validation process allows insurers to:
- Reduce–and eventually replace–the amount of manual checks required.
- Integrate into existing customer validation workflows for use at point of sale or post-sale.
- Adjust pricing and policy offers in real-time at point of quote.
Make it easy for consumers to receive more accurate quotes
NCD subscribers provide consumers with peace of mind, time and convenience. Because NCD alleviates the need for consumers to provide claims details from memory, quotes are provided on-the-spot and based on the most accurate information available.