LexisNexis and BuildFax Collaborate to Expand Homeowners Solutions

  LexisNexis and BuildFax Collaborate to Expand Homeowners Solutions

  Insurers Gain More Accurate Homeowners Information on Improvements, Age of
                          Roof, and Insight on Risks

Business Wire

ATLANTA -- November 12, 2012

LexisNexis^® Risk Solutions today announced a strategic relationship with
BuildFax to assist homeowners insurance companies with the challenges
associated with insuring homes. Through this relationship, insurers will be
able to acquire much-needed building permit information to enhance their
ability to identify, assess, select and manage risks that are consistent with
carriers’ underwriting philosophies and risk appetites. With this new
offering, insurers will also be able to address an emerging need for “age of
roof” information to improve the profitability of their homeowners line of
business.

“LexisNexis is combining BuildFax’s permit intelligence with our industry
leading insurance data to deliver actionable insight across the policy
lifecycle and enable insurance carriers to have a comprehensive view of their
portfolio of risks,” said Alex Tsetsenekos, vice president and general
manager, homeowners insurance, LexisNexis. “A natural compliment, our
organizations are committed to supporting the insurance industry in the areas
of risk selection, portfolio management and consumer/agent experience.”

“In 2011, carriers lost an incredible $25.8 billion on thunderstorm claims;
the most expensive year on record,” said Holly Tachovsky, President of
BuildFax. “Our clients are telling us that underwriting performance within
homeowners has been either flat or even at a slight loss. But when combined
with today’s depressed investment yields, we’re hearing that the situation is
intolerable; and underwriting performance must improve. This partnership
enables carriers to respond and profit in this environment.”

Over the last several years, the combination of downward pricing pressure due
to poor economy and the need for carriers to raise rates to compensate for
extraordinary weather-related losses are driving carriers to innovate their
homeowners’ product lines. Industry leaders have traditionally relied upon
LexisNexis for seamless access to comprehensive data sources and insight. Now,
because of the relationship with BuildFax, carriers will be able to optimize
their marketing spend by targeting those risks with more favorable
characteristics, such as those based on age of roof, new construction or home
improvements. For carriers who rely on LexisNexis for pre-fill solutions,
BuildFax’s roof intelligence will enable more accurate rate and product
decisions than traditional sources of roof age, such as year built.

Tsetsenekos added, “LexisNexis has long been recognized as a preferred
provider of must-have data to insurance industry leaders. In the next phase of
homeowner-line profitability, our ability to bring assets like BuildFax will
help bring about resolution to market challenges and help mold the future of
insurance.”

About LexisNexis Risk Solutions

LexisNexis® Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing
essential information that helps customers across all industries and
government predict, assess and manage risk. Combining cutting-edge technology,
unique data and advanced scoring analytics, we provide products and services
that address evolving client needs in the risk sector while upholding the
highest standards of security and privacy. LexisNexis Risk Solutions is part
of Reed Elsevier, a leading publisher and information provider that serves
customers in more than 100 countries with more than 30,000 employees
worldwide.

Our insurance solutions assist insurers with automating and improving the
performance of critical workflow processes to reduce expenses, improve service
and position customers for growth.

About BuildFax^®

BuildFax is the creator of the first and only automated source for national,
historical building permit data, providing details on property condition and
improvements – such as major remodels, additions, and new roofs. Armed with
BuildFax property intelligence, carriers can reduce costs and improve
profitability through property change detection, more accurate roof age,
re-inspection optimization, and more. The BuildFax national footprint
continues to grow, currently covering over 72 million residential and
commercial properties in the United States, with over 6 billion data points.
For more information, visit www.buildfax.com.

Contact:

LexisNexis
Regina Haas, +1.678.694.3569
regina.haas@lexisnexis.com
 
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