Paymentshield Partners with LexisNexis Risk Solutions to provide data-enriched quick quote experience

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Paymentshield is today announcing a partnership with global data and analytics provider, LexisNexis® Risk Solutions, to further enhance the capabilities of its Quick Quote tool. 

The new agreement will enable advisers to quickly produce more accurate, informed quotations, by integrating property data in real-time into Paymentshield’s existing Quick Quote functionality.

Quick Quote, which is accessed through Paymentshield’s unique Adviser Hub, will now operate using a reduced question set. Through API integration with LexisNexis Risk Solutions, the Quick Quote tool will use the LexisNexis® Home Prefill product to pull through property data to automatically populate the quote screen, based on the address of the property alone. This includes data on build year, build type, and number of bedrooms.

The data integration reduces the amount of information the adviser requires from the client, whilst maintaining a high level of accuracy. Minimising time spent inputting data allows advisers to instead focus on providing expert advice, adding more value for the customer and improving the overall experience.

By relying on accurate data from a trusted third-party source, rather than just assumptions about the property, the insurance quote is less likely to fluctuate in price once those details have been verified.

LexisNexis Risk Solutions is a leading data and analytics provider to the insurance market, and is the only provider able to incorporate property characteristics data into the quoting process with this level of accuracy. Through this partnership, Paymentshield is enabling advisers to have complete confidence in the reliability of the data.

This announcement follows further enhancements made to the Quick Quote solution earlier this year, which enabled advisers to instantly add additional cover options such as Accidental Damage, Home Emergency and Legal Expenses from within the Quick Quote functionality in efforts to ensure the Quick Quote more accurately reflects the client’s needs.

Rob Evans, CEO at Paymentshield, said: “In the current situation caused by the coronavirus pandemic, many advisers will be turning their focus to their back book, and may be producing new quotes for existing clients. The new Quick Quote tool can support that proactiveness, by providing advisers with a quick and reliable quote. The relationship with LexisNexis Risk Solutions is the latest initiative in our ongoing commitment to ensure that ‘quick’ does not necessarily mean a compromise on quality. We’re conscious that a lot of other quick quote style tools in the market focus solely on speed. We’re continuing to innovate to help deliver the best possible customer journey – improving our technological capabilities to help advisers strengthen their customer relationships and make conversations about GI more valuable. 

“We chose LexisNexis Risk Solutions because we believe the data they provide is quite simply the best and most accurate in the market, and we wanted to give advisers a quoting tool they know they can trust. This is all being done with a view to closing the gap between the initial premium quote, and the premium the customer actually ends up paying. In times of economic uncertainty, ensuring the final quote is as close to the original as possible is really important in strengthening customer relationships.” 

Martyn Mathews, Sr. Director, Personal Lines, at LexisNexis Risk Solutions, said: “The property characteristics data we hold in our LexisNexis Home Prefill product is not only designed to make the application and quoting process smarter and more efficient, it reduces the onus on customers to provide this detail. This new agreement with Paymentshield demonstrates the power of timely, accurate and verified property data in transforming the customer journey in home insurance.”

The Quick Quote tool was launched by Paymentshield in 2018 to help advisers integrate general insurance into their sales process more easily, by enabling them to generate a home insurance quote in a matter of clicks.

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