LexisNexis Risk Solutions has released LexisNexis Attract for commercial auto underwriting, a predictive analytics application.
LexisNexis Attract ranks commercial insurance fleet driver risks using a non-credit-based predictive loss model to calculate loss ratio and/or loss frequency. Leveraging individual and fleet-level commercial driver scores, insurers can improve pricing segmentation and make better underwriting decisions at points of risk selection, quote and renewal.
Attract for commercial auto underwriting can offer insurers higher match rates and more accurate loss prediction of commercial auto risks than traditional commercial auto underwriting methods, which can represent up to a nearly 6 to 1 return on investment for a typical insurer, LexisNexis said.
Attract for commercial auto underwriting can reduce an insurer’s combined ratio by up to four points, said LexisNexis. The level of fleet risk, for example, can be revealed at point of submission, enabling the insurer to select and price driver risk very early in the underwriting process.
