Credit, Collections & Insolvency News
Global information and insights company TransUnion has expanded its long-standing relationship with LexisNexis® Risk Solutions, a provider of insurance data and advanced analytics, to offer TransUnion’s Affordability Report to insurance providers.
Kelli Fielding, Chief Product Officer at TransUnion in the UK, said “Affordability is a particular focus for many insurers at the moment. There is an ongoing squeeze on consumer finances, and almost half (46%) of households indicate their income is currently struggling to keep up with inflation. So, it’s essential for insurance providers to better understand their customers’ financial situations. This means offering products tailored to their individual needs to support more sustainable and responsible decisions. By distributing TransUnion’s enhanced Affordability Report, along with TrueVision® Public and TrueVision, LexisNexis Risk Solutions can help its insurer clients build trust and strengthen both existing and new customer relationships.”
Louise Johnson, Director of Product Management, Insurance at LexisNexis Risk Solutions, said “Our insurance customers have been benefitting from streamlined access to TrueVision® via LexisNexis Informed Quotes since 2022. Expanding our relationship with TransUnion will help the insurance industry provide consumers the cover they need with the premium paid in a way they can afford, by offering crucial insight over premium affordability data. The value of this insight has become all the more pertinent now that the ABI has set out its Premium Finance Principles and BIBA publishes its own Premium Finance Guide for Brokers. The fact that these insights can be accessed alongside risk data on the individual at the point of quote, essentially means insurance providers can offer consumers more personalised policies, premiums and payment options.”
