Data and analytics firm LexisNexis Risk Solutions has started the integration of the data distribution platform of Insurance Initiatives Ltd. (IIL) several months after its acquisition of the business.
According to LexisNexis, the integration of the IIL platform will enable new risk datasets to be injected at the point of quote for insurers, brokers and MGAs.
Keith Binley, former IIL managing director, is leading the integration process following his recent appointment as head of the UK and Ireland insurance team of LexisNexis.
“With the completion of the IIL acquisition, LexisNexis Risk Solutions will make it easier to integrate data into existing market processes, enabling the insurance sector to make better decisions throughout the entire policy lifecycle, by gaining an accurate and concise view of the risk to be assessed,” he said.
Binley noted that the insurance industry needs to embrace and efficiently use new data sets and smarter technology to remain competitive amid pricing challenges, regulatory changes such as the incoming General Data Protection Regulation, and the uncertainties caused by Brexit.
“Siloed data sets – credit, public, contributory, proprietary - can be used more effectively by insurance providers, allowing them to get a broad and accurate view of the individual consumer’s risk,” said Binley.
“To operate efficiently and competitively, insights must be built into the insurance providers’ workflow so that data can be used effectively to enhance the experience of the consumer.”
