Commercial PreQuote: Offering a single point of entry to business data verification

E-trading has helped speed up the commercial SME underwriting process. But the fact remains there has been a distinct difference in the levels of business data available to validate customer supplied information, and understand the risk of smaller businesses or sole traders compared to personal lines.

From a customer experience perspective, a lack of verified data can lead to referrals which can be frustrating for the time-strapped business owner, or manager, responsible for their business insurance, the broker and the insurer underwriting the business. This data divide can also have a bearing on pricing accuracy, understanding product suitability, and may leave the market at risk of fraud and the business or individual at risk of underinsurance.

This blog highlights how brokers can make use of Commercial PreQuote from LexisNexis Risk Solutions to speedily validate and enrich the data provided by SME customers prior to quote, thereby improving the quality and precision of quotes.