TransUnion has extended its partnership with LexisNexis Risk Solutions to integrate its Affordability Report into the UK insurance market. This collaboration offers insurers access to affordability and credit reporting tools, including TrueVision Public and TrueVision, directly through the LexisNexis Informed Quotes platform.

LexisNexis Risk Solutions currently incorporates TransUnion’s data into the workflows of about 20 insurers, including several leading providers. By integrating affordability insights at the quoting stage, insurers can manage portfolio risks while making faster and more informed decisions designed for customers’ financial circumstances. Improving affordability assessments for consumers TransUnion’s Affordability Report provides insurers with a detailed analysis of a consumer’s income and financial capacity, helping to determine suitable premium payment options and interest rates.

This process enables insurers to offer flexible and accessible payment plans, facilitating an easier insurance purchasing experience for consumers. The expanded partnership aligns with efforts to support households affected by rising living costs. The additional insights aim to help insurers meet Consumer Duty obligations by providing affordable coverage options and fostering trust with their customers.

In the company press release, representatives from TransUnion commented on the initiative, noting that many households are struggling with inflation, with 46% reporting financial strain. They emphasised the importance of designing insurance products to individual financial situations to promote responsible and sustainable decision-making. They also highlighted that this collaboration would assist insurers in building trust and strengthening customer relationships.

In turn, representatives from LexisNexis Risk Solutions echoed this sentiment, explaining that the enhanced affordability insights will enable insurers to meet evolving industry standards. They referenced the Association of British Insurers’ Premium Finance Principles and BIBA’s Premium Finance Guide for Brokers as key benchmarks. By integrating affordability data alongside risk information at the quote stage, insurers can develop more personalised policies and payment options for their customers.

TransUnion operates in over 30 countries, offering insights that help businesses and consumers engage in trustworthy transactions. The company focuses on enabling economic opportunities and improving confidence in the global marketplace through its solutions. For more information about LexisNexis Risk Solutions, please check out their detailed profile in our dedicated, industry-specific Company Database.

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