LexisNexis and Open GI form UK strategic data relationship with Open GI

Source: LexisNexis Risk Solutions

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 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 broking and 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." 

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