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.”
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