Video playback is available for a complimentary webinar titled, “Stronger Together: How Combining Credit and Public Records Data Can Yield Sharper Views of Insurance Risk,” sponsored by LexisNexis^® Risk Solutions. Access it here.

In this 30-minute webinar, experts in insurance, credit risk, public records and data analytics discuss the lift that integrating credit data with public records can deliver for a more holistic understanding of consumer risk.

Key points include:

• How credit data and public records data complement each other in insurance risk assessment, with credit serving as the foundation and public records adding new views of information.
• The four main categories of public records data that LexisNexis Risk Solutions uses: derogatory information (like criminal convictions), non-derogatory information (like professional licenses), credit-absent financials (like short-term loans) and proprietary data (like address stability patterns).
• The concept of "trended credit" and how it differs from traditional credit snapshots by looking at 24 months of historical payment information to distinguish between different types of credit users.
• The process of implementing public records data into insurance operations, including strategies for starting small with underwriting attributes before expanding to more complex rating applications.
• How LexisNexis Risk Solutions worked with state regulators to gain approval for their public records scoring model, including specific modifications made for states like Massachusetts.
• The benefits of combining credit and public records data, including the ability to score previously "credit invisible" consumers and achieve better risk segmentation.
• How insurers can conduct retrospective analyses to test the effectiveness of these combined data sources on their specific book of business before implementations.
• The current state of the insurance market and why timing is critical for implementing these combined data sources to avoid adverse selection and maintain competitiveness.

Panelists include:

• Ellette Burke, product management, LexisNexis Risk Solutions
• Alex Frank, product management, LexisNexis Risk Solutions
• Gary Sanginario, insurance market education team, LexisNexis Risk Solutions

Visit our information page to learn more about AM Best's webinars.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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