Ageas deploys LexID to unify customer records and service

Ageas has implemented LexID for Insurance from LexisNexis Risk Solutions to support creating a comprehensive single customer view.

LexID for Insurance is an identity resolution tool designed to accurately match customer data across multiple business lines, distribution channels, and systems, including quotations, renewals, and claims. By consolidating disparate information, Ageas will create a unified record for each current and former customer.

The single customer view is expected to provide a range of operational advantages, including more accurate underwriting and pricing, improved fraud prevention, and enhanced claims management. Ageas, which has over four million policyholders, seeks to increase customer recognition and deliver a more personalised service throughout the client lifecycle.

Customer data management is a significant challenge in the insurance sector due to data fragmentation and inaccuracies, often resulting from changes such as updated names or addresses. LexID for Insurance addresses this challenge by linking all relevant records to one unique identifier, even when individual details change.

LexisNexis Risk Solutions maintains a reference database incorporating information from various data sources, including insurance-specific databases. Insurers such as Ageas have their customer records matched against this database, with the correct, unique LexID assigned to all records belonging to the same individual.

Utilising the LexID identifier, an insurer can access single customer view attributes, which allow improved risk assessment for underwriting and pricing purposes. The system can also assist in fraud detection, regulatory compliance related to data subject access requests, and claims management.

LexID for Insurance enables insurers with multiple rating platforms to host a single customer view attribute and provide access across all business channels at the point of quote. This ensures that pricing and risk assessment remain consistent across platforms.

"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 The problem is data is often stored in silos and can become out of date.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," Dan Cicchetti, Senior Director, Client Engagement, UK and Ireland, LexisNexis Risk Solutions, said.

"We have over 4 million policyholders today, all of whom rightly expect a personalised service from the start of their journey 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," Glyn Hughes, Director of Personal Lines Underwriting at Ageas, said.

By introducing this system, Ageas aims to enhance the value it derives from its customer data, supporting retention efforts and the development of services tailored to individual needs and risks.