Global information and insights company TransUnion has expanded its long-standing relationship with LexisNexis® Risk Solutions, a leading provider of insurance data and advanced analytics, to offer TransUnion’s Affordability Report to U.K. insurance providers as part of a suite of powerful and predictive credit reporting and affordability solutions, including TrueVision® Public and TrueVision® at the point of quote.  

LexisNexis Risk Solutions delivers high-volume, real-time data into hundreds of millions of U.K. insurance transactions a day via the LexisNexis® Informed Quotes platform. The business currently streamlines TransUnion data into approximately 20 U.K. insurance providers, including three of the U.K.’s top insurers.

When delivered into the insurance workflow via LexisNexis Risk Solutions, TransUnion’s comprehensive view of a consumer’s income and affordability can help insurance providers manage portfolio risks whilst enabling quicker, more informed decisions to help support new customers.

• TransUnion’s Affordability Report helps insurance providers to assess the most appropriate premium payment option and interest rate for the individual based on their current financial situation. This enables providers to offer suitable payment options at speed, as part of the quote process, helping consumers to select, secure and pay for insurance in a way that is affordable.
• By offering insurance providers seamless access to TransUnion’s Affordability Report at the point of quote, LexisNexis Risk Solutions is assisting them in providing consumers with access to affordable premium payment options, as a streamlined part of their shopping and buying experience.

As many households face ongoing challenges due to the cost-of-living crisis, the additional insights on affordability at the point of quote will help the insurance market help their customers while also supporting Consumer Duty obligations.

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, U.K. and Ireland, 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.”