Paymentshield has partnered with LexisNexis Risk Solutions, to expand the capabilities of its Quick Quote tool.

The aim of the partnership is for advisers to quickly produce more accurate, informed quotations, by integrating property data in real-time into Paymentshield’s existing Quick Quote functionality.

Quick Quote, which is accessed through Paymentshield’s Adviser Hub, will now operate using a reduced question set. Through API integration with LexisNexis Risk Solutions, the Quick Quote tool will use the LexisNexis Home Prefill product to pull through property data to automatically populate the quote screen, based on the address of the property alone. This includes data on build year, build type, and number of bedrooms.

Paymentshield claims that by relying on accurate data from a trusted third-party source, rather than just assumptions about the property, the insurance quote is less likely to fluctuate in price once those details have been verified.

Rob Evans (pictured), CEO at Paymentshield, said: “In the current situation caused by the coronavirus pandemic, many advisers will be turning their focus to their back book, and may be producing new quotes for existing clients. The new Quick Quote tool can support that proactiveness, by providing advisers with a quick and reliable quote.

“The relationship with LexisNexis Risk Solutions is the latest initiative in our ongoing commitment to ensure that ‘quick’ does not necessarily mean a compromise on quality. We’re conscious that a lot of other quick quote style tools in the market focus solely on speed. We’re continuing to innovate to help deliver the best possible customer journey – improving our technological capabilities to help advisers strengthen their customer relationships and make conversations about GI more valuable.

“We chose LexisNexis Risk Solutions because we believe the data they provide is quite simply the best and most accurate in the market, and we wanted to give advisers a quoting tool they know they can trust. This is all being done with a view to closing the gap between the initial premium quote, and the premium the customer actually ends up paying. In times of economic uncertainty, ensuring the final quote is as close to the original as possible is really important in strengthening customer relationships.”