LONDON and ATLANTA – Following the acquisition of Insurance Initiatives, Ltd. (IIL) last year, LexisNexis Risk Solutions has begun the integration of the IIL Platform* with its proprietary products. This will enable new risk datasets to be injected at the point of quote for insurers, brokers and MGAs. The provision of this data through all major software houses at sub-second speed will evolve the risk assessment process for insurance providers across the sector, enabling them to make faster and more informed decisions while delivering a better customer experience.
The integration process is being led by Keith Binley, former Managing Director at IIL, who has recently been appointed to head the LexisNexis Risk Solutions UK and Ireland Insurance team.
“Siloed data sets – credit, public, contributory, proprietary - can be used more effectively by insurance providers, allowing them to get a broad and accurate view of the individual consumer’s risk. To operate efficiently and competitively, insights must be built into the insurance providers’ workflow so that data can be used effectively to enhance the experience of the consumer,” said Keith Binley, Managing Director, UK and Ireland Insurance, LexisNexis Risk Solutions.
“With the completion of the IIL acquisition, LexisNexis Risk Solutions will make it easier to integrate data into existing market processes, enabling the insurance sector to make better decisions throughout the entire policy lifecycle, by gaining an accurate and concise view of risk to be assessed. We look forward to helping insurance providers leverage our wide range of data sources direct or via their software houses.
The acquisition of IIL by LexisNexis Risk Solutions was part of a clear data and technology investment strategy which builds on the acquisitions of Tracesmart, Wunelli and Mapflow - to deliver reliable data at every customer touchpoint by bringing a deeper understanding of risk to our customers. With pricing challenges, GDPR on the horizon and the countdown to Brexit now underway, the industry needs to embrace new data sets, smarter technology and to be able to use these tools effectively to remain competitive.”
* Informed Quote extracts, hosts and processes large quantities of data to deliver information to the UK’s Insurance industry. This proprietary infrastructure links data providers and software houses or broking platforms helping to deliver data in real-time into the quoting process of an insurance transaction, often through Price Comparison Websites.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.