LexisNexis® Announces UK Strategic Data Relationship with Open GI
Agreement enables insurers to more accurately price risks and make enhanced underwriting decisions
ATLANTA and LONDON – LexisNexis® Risk Solutions today announced a strategic relationship with Open GI to implement real-time access to third party data. The two companies signed a long-term strategic agreement for the provision of data to insurers at the time of quote and sale to improve underwriting and pricing decisions. LexisNexis serves more than 300 general insurers in the US and is working with a number of high profile general insurers in the UK.
The combination of Open GI’s software and powerful data innovations from LexisNexis provides insurers with a real-time rating solution that allows them to mitigate fraudulent risks and offer competitive premiums to individual customers for Personal Lines insurance.
The two companies are actively working to integrate their systems. LexisNexis will release the first wave of products in early Q1 2012, including public records, ID checks, and a range of risk scores. Further data solutions, including new products not previously available in the UK markets, will be released throughout 2012.
“Open GI is one of the leading insurance technology providers in the UK, and we are pleased to be working with them to deliver our proven data innovations to UK insurers,” said Dan Marshall, managing director, UK, LexisNexis Risk Solutions. “This relationship will further aid insurers to accurately price risks and make enhanced underwriting decisions. Together, we will give insurers access to advanced, bespoke scoring models and an ultra-reliable high performance technology platform able to handle massive quote volumes with high match rates and rapid response times.”
“This development strategy is crucial in the fast-paced broker environment,” commented David Kelly, distribution director, Open GI. “Intelligently integrating real-time third party data benefits the carrier from linked in data sources which have been enriched. Ensuring accurate information is accessible when checking a risk will minimise fraud, reduce bad risks and give insurers a competitive edge.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, we provide products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading publisher and information provider that serves customers in more than 100 countries with more than 30,000 employees worldwide.
Our insurance solutions assist insurers with automating and improving the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.
About Open GI
Open GI supplies market leading IT solutions to insurance brokers across the UK & Ireland. With 20,000 users in around 2,000 firms, the company has a 40% share of the UK broker market and is committed to technological innovation.
Open GI technology enables personal and commercial lines brokers trading in standard and niche markets to streamline business activity and become more profitable. With a workforce of 350 people and a 30-year heritage, the company enjoys a strong financial performance. For the year ended 31st May 2010 Open GI reported revenues of £35.0 million and an operating profit of £21.1 million.
For More Information about LexisNexis Risk Solutions:
Ogilvy Public Relations Worldwide
Phone: +44 207 3091024
For More Information about Open GI:
Marketing and PR Manager
Tel: 01905 754455