LexisNexis Risk Solutions have today announced the acquisition of Dublin-based Mapflow to help commercial and home insurers better understand geographic peril risk at the property level to make more informed underwriting decisions and better manage their portfolio exposure. Mapflow is an industry-leading geographic risk assessment technology company with solutions that compliment the comprehensive data, advanced analytics, supercomputing platform and linking capabilities offered by LexisNexis.
The acquisition of Mapflow enables LexisNexis to offer a more comprehensive risk assessment and underwriting solution that enable insurers to:
• Identify geographic risk at the property level (peril and accumulations);
• Simplify their underwriting process by bringing multiple property-based risk factors into a single view; and
• Reduce exposure to high-risk properties and claims costs.
“Insurers are increasingly seeking competitive advantage from data, whether it’s old data or from new sources,” said Craig Beattie, Senior Analyst, Insurance, Celent. “Location information and mapping capability play an important role on converting that data into actionable insight.”
“Today’s insurers require a deeper understanding of the physical location of risk and the exposure of this risk, related to weather and other perils, and acquiring Mapflow supports our strategy to offer our customers the most comprehensive risk assessment solutions available,” said Bill Madison, Chief Executive Officer, Insurance, LexisNexis. “Together, our solutions enable insurance companies to make timely, informed decisions, streamline critical business processes while reducing exposure to loss, and improve client experience and retention.”
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