LexisNexis Risk Solutions Total Property Understanding Selected as a 2023 PropertyCasualty360 Insurance Luminaries Award Winner for Risk Management Innovation
Comprehensive property intelligence solution utilizes modern AI to help amplify the underwriting workforce and offers a more superior customer experience in the face of worsening loss ratios
ATLANTA, Oct. 12, 2023 /PRNewswire/ -- LexisNexis® Risk Solutions announced today that LexisNexis® Total Property Understanding™, a comprehensive property intelligence solution, has been named to PropertyCasualty360's Insurance Luminaries Class of 2023 in the category of Risk Management Innovation.
Total Property Understanding is a modern, all-in-one property intelligence solution that helps enable U.S. carriers to more easily identify properties with risk or coverage opportunities, capture critical risks about those properties, and then act on those findings from a configurable report using next-gen technologies. The solution uses a consumer self-guided AI-driven survey tool to help capture comprehensive interior and exterior data that integrates seamlessly into the underwriting workflow. Total Property Understanding is helping businesses significantly improve their returns on underwriting investment and loss avoidance is improving, with over 30% of homes scanned surfacing critical, actionable risksi.
This recognition celebrates innovation in the property and casualty insurance industry. The program spotlights top professionals, teams, organizations, programs, practices and products within the sector that strive to modernize and humanize the business. The 2023 honorees were selected by a panel of industry experts based on how well they stated and achieved goals with regard to the nomination category: how impactful their work has been; how dedicated the nominee has been to furthering modernization and humanization in the P&C insurance business; and how committed and dedicated the nominee has been to high ethical standards, service and excellence.
"It is an honor to be part of the prestigious Luminaries Class of 2023 which is reflective of our technology advancements and continuous push for solutions that help improve the home insurance industry," said Cole Winans, vice president and general manager of property solutions at LexisNexis Risk Solutions. "Natural catastrophes, inflation, and costs to repair properties – among other factors – are dramatically impacting the home insurance industry. In an already hard market, insurers are looking more to AI capabilities to help augment and amplify the talents of their underwriters, giving them modern tools to better assess risk with greater ease."
"Today's top insurance organizations recognize the industry's history and purpose while embodying contemporary processes and services," says NU Property & Casualty Executive Editor Elana Ashanti Jefferson. "My colleagues and I are thrilled to be able to recognize pace-setting insurance organizations, programs, practices, teams and individuals as part of the annual NU PropertyCasualty360 Luminaries recognition program."
More information about the Total Property Understanding solution can be found on the LexisNexis Risk Solutions website.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.
Media Contacts:
Chas Strong
Director, Communications
U.S. Insurance
LexisNexis Risk Solutions
+1.706.202.5813
Charles.Strong@lexisnexisrisk.com
Danielle Datre
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.203.444.7862
ddatre@brodeur.com
i LexisNexis Risk Solutions Internal Analysis
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