(Prudential Building in Nottingham, home of ILL. Photo credit:Willednic.)
LexisNexis Risk Solutions (Atlanta), part of RELX Group (London), has announced the acquisition of Insurance Initiatives, Ltd. (IIL, Nottingham, U.K.), 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 U.K.’s property/casualty insurance industry.
The acquisition of IIL will let LexisNexis help U.K. insurers to transform business performance and win new opportunities with data and advanced analytics from experienced insurance industry experts, a company statement says.
“By acquiring IIL, we can provide value to U.K. insurers, brokers, and MGAs through proprietary data analytics products derived from industry leading contributory databases,” comments Bill Madison, CEO, Insurance, LexisNexis Risk Solutions. “Injecting data directly into the point-of-quote, insurers can make more informed decisions faster, empowering them to deliver a better customer experience.”
The vendor asserts that Insurance solutions from LexisNexis will 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.
A LexixNexis statement describes IIL as utilizing data and technology to deliver intelligence at key data-driven decision points throughout the customer lifecycle. Founded in 2008, IIL delivers data enrichment strategies which the statement says enable insurers to provide the most accurate services possible to their customers predominantly at point-of-quote.