The collaboration aims to make TransUnion’s Affordability Report available to U.K. insurance providers, providing them with an enhanced suite of credit reporting and affordability tools, including TrueVision® Public and TrueVision® at the point of quote.
Through its LexisNexis® Informed Quotes platform, LexisNexis Risk Solutions already integrates high-volume, real-time data into hundreds of millions of U.K. insurance transactions daily, serving about 20 U.K. insurance providers, including three of the nation’s largest insurers. By incorporating TransUnion’s in-depth consumer income and affordability insights, LexisNexis Risk Solutions supports insurance providers in assessing customer affordability, thus aiding faster, more informed decision-making during the customer onboarding process.
The Affordability Report equips insurers with valuable insights into a customer’s financial status, helping to determine the most suitable premium payment options and interest rates for individuals based on their current financial circumstances. Facilitating tailored payment solutions within the quote process, enabling consumers to choose and secure affordable insurance coverage that aligns with their budgets.
Louise Johnson, Director of Product Management for Insurance at LexisNexis Risk Solutions in the U.K. and Ireland, emphasised the importance of this partnership in today’s economic climate. “Our insurance customers have reaped the benefits of TrueVision® access through LexisNexis Informed Quotes since 2022. Now, by expanding our collaboration with TransUnion, we can better support consumers by making premium payment options more accessible. The enhanced insight into premium affordability is especially valuable in light of recent initiatives, such as the ABI’s Premium Finance Principles and BIBA’s Premium Finance Guide for Brokers. Access to affordability data alongside individual risk assessments at the quote stage allows insurers to offer more personalised policies and payment options,” Johnson said.
The partnership is well-timed, as consumers continue to grapple with financial pressures from rising inflation. According to TransUnion’s Chief Product Officer in the U.K., Kelli Fielding, nearly half (46%) of households are struggling to keep pace with inflation, highlighting the urgency for insurers to better understand and accommodate consumers’ financial situations. “With affordability top of mind, insurers must offer products that reflect consumers’ financial realities and promote sustainable, responsible choices,” Fielding said. “By delivering enhanced affordability insights through LexisNexis Risk Solutions, we are helping insurers build trust and foster stronger, lasting customer relationships.”
The expanded partnership underscores a commitment to meeting Consumer Duty obligations and supporting financially stressed households, while enabling U.K. insurers to navigate the economic challenges of today with responsible, customer-centered solutions.
