A new partnership has been announced between LexisNexis Risk Solutions, the insurance data and advanced analytics provider, and TransUnion, the global information and insights company, to offer TransUnion’s Affordability Report to UK insurance providers.
In 2022, LexisNexis Risk Solutions and TransUnion teamed up to support the UK insurance market with credit data. The new collaboration will build on this relationship, and allow insurance providers to utilise services like TrueVision Public and TrueVision, in addition to the Affordability Report, at the point of quote. Currently, LexisNexis Risk Solutions streamlines TransUnion data into approximately 20 UK insurance providers.
When delivered into the insurance workflow via LexisNexis Risk Solutions, TransUnion’s comprehensive view of a consumer’s income and affordability can help insurance providers manage portfolio risks whilst enabling quicker, more informed decisions to help support new customers.
Louise Johnson, director of product management, insurance, UK and Ireland, at LexisNexis Risk Solutions said: “Our insurance customers have been benefitting from streamlined access to TrueVision via LexisNexis Informed Quotes since 2022.
“Expanding our relationship with TransUnion will help the insurance industry provide consumers the cover they need with the premium paid in a way they can afford, by offering crucial insight over premium affordability data.
“The value of this insight has become all the more pertinent now that the ABI has set out its Premium Finance Principles and BIBA publishes its own Premium Finance Guide for Brokers. The fact that these insights can be accessed alongside risk data on the individual at the point of quote, essentially means insurance providers can offer consumers more personalised policies, premiums and payment options.”
Finding the best payment option and interest rates
The TransUnion’s Affordability Report helps insurance to assess the most appropriate premium payment option and interest rate for the individual based on their current financial situation. This enables providers to offer suitable payment options at speed, as part of the quote process, helping consumers to select, secure and pay for insurance in a way that is affordable.
By offering insurance providers seamless access to TransUnion’s Affordability Report at the point of quote, LexisNexis Risk Solutions is assisting them in providing consumers with access to affordable premium payment options, as a streamlined part of their shopping and buying experience.
As many households face ongoing challenges due to the cost-of-living crisis, the additional insights on affordability at the point of quote will help the insurance market help their customers while also supporting Consumer Duty obligations.
Kelli Fielding, chief product officer at TransUnion in the UK said: “Affordability is a particular focus for many insurers at the moment. There is an ongoing squeeze on consumer finances, and almost half (46 per cent) of households indicate their income is currently struggling to keep up with inflation.
“Therefore, it’s essential for insurance providers to better understand their customers’ financial situations. This means offering products tailored to their individual needs to support more sustainable and responsible decisions. By distributing TransUnion’s enhanced Affordability Report, along with TrueVision Public and TrueVision, LexisNexis Risk Solutions can help its insurer clients build trust and strengthen both existing and new customer relationships.”
