Ageas Sets Sights on The Single Customer View
Ageas Sets Sights on The Single Customer View |
| [06-May-2025] |
LexisNexis Risk Solutions Unlocks The Power of Customer Data for Ageas with LexID for Insurance LONDON, May 6, 2025 /PRNewswire/ -- Tackling one of the biggest challenges facing the insurance market – customer data management - Ageas, one of the U.K.'s largest personal lines insurers, has gone live with LexID® for Insurance to underpin its goal of achieving the single customer view.  LexID for Insurance is a unique identity resolution solution from LexisNexis® Risk Solutions, the data, advanced analytics and technology provider. It quickly and accurately identifies disparate customer data relating to the same individual across multiple lines of business, distribution channels and platforms from all functions - quotes, renewals, claims - and resolves this down to a single ID. As a result, Ageas will be able to create one 'golden' record for every customer past and present that will allow them to underwrite, price and cross-sell products with a greater understanding of the needs and risks of the customer. This Single Customer View will provide many benefits including improved retention, better fraud prevention and enhanced claims management. Why does this matter? Customer data is unique to each insurance provider - it is what they alone know about the customer based on their current and previous engagement with them. LexID for Insurance allows them to unlock the value of this information, by consolidating customer data held across their business to create one core comprehensive customer record that automatically updates over time. This reduces duplicate records for the same customer, enhances data accuracy and uncovers unique customer data insights. How it works LexisNexis Risk Solutions maintains a reference database comprising records from a wide range of data sources including unique insurance specific databases. An insurance provider's customer records are matched against this and the correct, unique LexID is returned – all records relating to the same individual will have the same LexID assigned, even if there has been a change of name or address. Using the LexID to link together all records held for an individual, the insurance provider can build Single Customer View attributes to drive improvements in underwriting and pricing as well as in fraud detection, compliance (such as data subject access requests) and claims. For insurance providers rating on multiple platforms such as Ageas, the single customer view attributes can be hosted by LexisNexis Risk Solutions and accessed by all distribution channels and lines of business at Point of Quote. This ensures consistent pricing and risk assessment across all platforms of engagement. Dan Cicchetti, senior director, client engagement, U.K. and Ireland, LexisNexis Risk Solutions said: "The customer data held within an insurance organisation is their pot of gold – how they use that data can make the biggest competitive difference. The problem is data is often stored in silos and can become out of date. It is also very difficult to match multiple customer records with precision, especially if a surname or address has changed or has been recorded inaccurately. Then the customer record needs to be matched to new records such as a new home or motor policy quote in real time. LexID for Insurance solves the big headache of customer data management in insurance where switching and M&A activity have exacerbated the problem. We are delighted an insurer of the size and stature of Ageas is now set to benefit from this solution." Glyn Hughes, Director of Personal Lines Underwriting of Ageas says: "We have over 4 million policyholders today, all of whom rightly expect a personalised service from the start of their journey through to a claim. We also want to ensure that a returning customer is recognised as such from the outset. LexID for Insurance will help us build a more consolidated view of each customer past and present. Ultimately it gives us the power to create the single customer view, so we have one profile for each and every one of our millions of customers which will put us in a stronger position to deliver products and services suited to their risks and requirements." About LexisNexis Risk Solutions Media Contacts: Chas Strong Logo - https://mma.prnewswire.com/media/491370/LexisNexis_Risk_Solutions_Logo.jpg
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Company Codes: LSE:REL, NYSE:RELX |
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