Bill Madison | Source | Chief Executive Officer, Insurance at LexisNexis Risk Solutions

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Bill Madison

Chief Executive Officer, Insurance at LexisNexis Risk Solutions
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Bill Madison is chief executive officer of the Insurance segment of LexisNexis® Risk Solutions. Bill is responsible for all auto, home, life and commercial insurance business including solutions for underwriting, claims, and analytics, for the U.S. and international markets.

Bill has played a key role in the integration of data services into multiple channels and in transforming LexisNexis Risk Solutions from being a data provider in insurance to providing a holistic approach to risk analysis, underwriting, and claims processing that includes process enhancement. These innovative solutions have helped insurance carriers achieve significant improvements in performance.

Bill joined the organization in 1989 as part of the Equifax acquisition of Innovative Research Inc., where he was a member of the leadership team which developed several products that revolutionized auto insurance underwriting. When the company’s insurance services team was spun off from Equifax to create ChoicePoint, he was instrumental in transitioning the organization into a standalone unit.

Bill earned his bachelor's degree in business administration and economics from Bridgewater College in Bridgewater, Va. He is based in Alpharetta, Georgia. LexisNexis Risk Solutions is a brand within the LexisNexis® Risk Solutions Group portfolio, a part of RELX.

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  • “...home insurers have more to consider than ever before when it comes to serving their customers, and most carriers today do not have the resources to investigate every property. And this is where we can continue to collaborate on that broader view. For more than 20 years, we’ve partnered with the home insurance industry on policy data through their contributions to assist in identifying policies that require a deeper dig. The next step in broadening insurers’ views and improving customer experience is taking place as we speak thanks to artificial intelligence. In 2023, what’s imperative is a transformative platform for property risk assessment that integrates data analytics with end-to-end property inspection insights to optimize workflows throughout the policy lifecycle – from new business to renewal and claim. The combined data assets bring comprehensive information about the property’s interior, exterior, roof and other property-related risks without the need for a physical, in-person inspection.”

  • “Why is more data important? We need to be messaging to consumers that in pricing, the more variables used in a consumer’s premium calculation, the less likely one single variable is to impact the insurance premium. For instance, they need to know that an unfortunate speeding ticket could increase an individual’s premium dramatically if this were the only variable used in pricing.”

  • “While total loss is a very real problem for insurers and consumers alike, those insurers who are armed with the right data stand poised to settle total loss claims faster and with more accuracy. With a broader view of critical information such as registered owner name; titled owner name; lienholder; mileage; branded title status; state taxes and fees; and lienholder payoff information – all delivered to the front of their workflows through a single solution, insurers can significantly expedite the claims process for policyholders, increasing customer satisfaction.”

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