LexisNexis® Awarded SSP Preferred Data Partner Status
June 29, 2011 — LexisNexis and SSP Enhance Insurance Underwriting and Pricing Decisions with Leading Data and Technology
NEW YORK AND LONDON – LexisNexis® Risk Solutions today announced that SSP, a leading global provider of insurance technology, has selected LexisNexis as its preferred data partner in the UK. The two companies signed a long-term strategic partnership 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.
“We evaluated numerous options to find a partner with the capability to deliver an ongoing stream of data and analytical innovations to improve underwriting and pricing decisions,” said Adrian Coupland, head of insurer relationships - distribution, SSP. “With LexisNexis, we also benefit from deep expertise in the insurance data market with a proven track record and years of experience. This strategic partnership is a key component of our approach to real-time rating and will help us meet the needs of insurers who are looking to achieve more accurate, timely, and profitable underwriting.”
The combination of SSP’s software and powerful data innovations from LexisNexis provides insurers with a real-time rating solution that will enhance the underwriting process and help them make better pricing decisions. The two companies are actively working to integrate their systems. LexisNexis will release the first wave of products later this year, including CUE, public records, ID checks and a range of risk scores, as well as a process that allows consumers the opportunity to inspect and if appropriate correct anomalies.
“SSP is a leading UK insurance technology provider delivering over 50% of all private motor and household EDI transactions within the intermediary market so we are truly excited about working with them to deliver our proven data innovations to UK insurers,” said Peter Orlay, vice president, insurance international, LexisNexis Risk Solutions. “Together, we will give insurers and brokers access to independently-verified rather than just self-reported information, as well as richer insights into applicants, leading to more accurate pricing decisions and less fraud.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions (www.lexisnexis.com/risk/) is the leader in providing essential information that helps customers across all industries and government predict, assess, and manage risk. Building on the legacy of proven LexisNexis services from the past 35 years, and combining cutting-edge technology, unique data and advanced scoring analytics, Risk Solutions provides 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 headquartered in Alpharetta, Georgia, United States.
LexisNexis helps insurers automate and improve the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.
SSP (www.ssp-worldwide.com) is the international IT company with unrivalled expertise across the entire general insurance supply chain - shaping a better industry.
With the greatest knowledge, talent & technology in our market, we bring value to every client engagement.
- Knowledge: 25+ years’ experience
- Talent: Over 750 of the most talented IT professionals
- Technology: The broadest range of capabilities
There is nobody better equipped to deliver business capabilities that improve performance, facilitate greater distribution & enhance customer experience for the best return.
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