ATLANTA, May 18, 2021 /PRNewswire/ -- LexisNexis® Risk
Solutions, a data, analytics and technology company, has announced
the launch of a new insurance model for the Attract™ for Commercial
Insurance platform, which leverages its relationship with the Small
Business Financial Exchange (SBFE) and provides insurance carriers
with extended visibility and financial data insight on small and
micro businesses. This model combines business credit data from
SBFE with business data from LexisNexis Risk Solutions to create a
more inclusive snapshot of a small business insurance risk.
The Attract for Commercial Insurance platform provides
predictive modeling for small businesses that enables commercial
insurers to evaluate a business by its loss propensity at the point
of quote, underwriting or renewal to obtain a more accurate,
consistent loss prediction and policy pricing. With the addition of
this new incremental model and dataset, SBFE, the platform
provides, on average, an 82% scorable rate on businesses. The SBFE
data, which includes more than 39 million small and micro
businesses to the platform brings additional financial data not
found in other traditional sources today. Simultaneously, data from
LexisNexis Risk Solutions, such as public records as well as other
data sources, supplements the model when a business has a limited
financial footprint.
"We're continuously looking for ways to add value for commercial
insurers, and the devastating impact that COVID-19 has had on small
businesses over the past year underscores the challenges of
accurately insuring them," said Sharon
Maloney, director of Commercial Insurance, LexisNexis Risk
Solutions. "Adding trusted industry data from SBFE enables us to
help minimize the information gap and provide carriers with the
risk models they need to help strengthen their underwriting of
small businesses."
By using the Attract for Commercial Insurance platform, carriers
gain access to multiple proprietary insurance scores built and
validated on policy and loss data representing over 10 million
commercial policy terms. The platform combines the traditional
business credit reporting process, along with the SBFE data, in a
single reporting format, which allows for more consistent use of
business credit in the insurance process.
"The ability to seamlessly integrate our rich financial payment
data into the LexisNexis Attract model offers mutual benefit to
small businesses and their insurers," said Elisabeth Hughes MacDonald, CEO of SBFE. "This
has been a tough year for small businesses across the country, and
we hope that by contributing to innovative solutions like this,
we're able to help better protect the country's small business
backbone and provide them with the underwriting needed to bounce
back quickly in case of another unforeseen event."
For more information on Attract for Commercial Insurance click
here.
About SBFE
The Small Business Financial Exchange, Inc.
and SBFE, LLC (collectively known as SBFE) is one of the country's
leading sources of small business credit information. Established
in 2001, this association's database houses information on over 39
million businesses and enables information exchange among members
who provide small business financing.
By providing industry insight and an aggregated view of small
business financial data to its members, the SBFE model enables
innovative risk management solutions through its strategic
relationships. SBFE is the only member-controlled organization of
its type and is serving as a trusted advocate for the safe and
secure growth of small business credit. For more information, visit
www.sbfe.org.
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 analytics and decision tools for
professional and business customers. For more information, please
visit www.risk.lexisnexis.com and www.relx.com.
Media Contacts:
Rocio Rivera
LexisNexis Risk Solutions
Phone: +1.678.694.2338
rocio.rivera@lexisnexisrisk.com
Mollie Holman
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
mholman@brodeur.com
SBFE Media Contact:
Clyde Miles
cmiles@engageadcom.com
(216) 574-8754
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SOURCE LexisNexis Risk Solutions