LexisNexis deepens insurance sector services with acquisition
LexisNexis Risk Solutions has announced the acquisition of Insurance Initiatives, a data distribution platform that collects and mines large quantities of data for the point-of-quote sector of the UK’s property and casualty insurance industry. By acquiring Insurance Initiatives, LexisNexis plans to deliver proprietary data analytics products to UK insurers, brokers and MGAs, enabling them to make informed decisions faster. The news follows last month's announcement that LexisNexis is planning a new service, ranking insurers using a risk scoring system, similar to the credit scoring system used to rate banks.

Source: LexisNexis

LexisNexis Risk Solutions, part of RELX Group, today announces the acquisition of Insurance Initiatives, Ltd. (IIL), a business which provides a data distribution platform that extracts, hosts and processes large quantities of data to deliver information predominantly into the point-of-quote in the UK's Property & Casualty Insurance industry.

The acquisition of IIL will help UK insurers to transform business performance and continue to win new opportunities with data and advanced analytics from experienced insurance industry experts.

"By acquiring IIL, we can provide value to UK insurers, brokers, and MGAs through proprietary data analytics products derived from industry leading contributory databases. Injecting data directly into the point-of-quote, insurers can make more informed decisions faster, empowering them to deliver a better customer experience," said Bill Madison, CEO, Insurance, LexisNexis Risk Solutions.

Insurance solutions from LexisNexis enable Motor and Property insurers to:

Better assess risk at point-of-quote and underwriting,

More efficiently process claims, and

Reduce application errors and fraud.

IIL utilises data and technology to deliver intelligence at key data-driven decision points throughout the customer lifecycle. Started in 2008, IIL delivers data enrichment strategies which enable insurers to provide the most accurate services possible to their customers predominantly at point-of-quote. The company is located in Nottingham, UK.