ATLANTA and LONDON, July 20, 2016 /PRNewswire/ -- LexisNexis® Risk Solutions, part of RELX Group, today announces the acquisition of Insurance Initiatives, Ltd. (IIL), a business which provides a data distribution platform that extracts, hosts and processes large quantities of data to deliver information predominantly into the point-of-quote in the UK's Property & Casualty Insurance industry. The acquisition of IIL will help UK insurers to transform business performance and continue to win new opportunities with data and advanced analytics from experienced insurance industry experts.
"By acquiring IIL, we can provide value to UK insurers, brokers, and MGAs through proprietary data analytics products derived from industry leading contributory databases. Injecting data directly into the point-of-quote, insurers can make more informed decisions faster, empowering them to deliver a better customer experience," said Bill Madison, CEO, Insurance, LexisNexis Risk Solutions.
Insurance solutions from LexisNexis enable Motor and Property insurers to:
- Better assess risk at point-of-quote and underwriting,
- More efficiently process claims, and
- Reduce application errors and fraud.
IIL utilises data and technology to deliver intelligence at key data-driven decision points throughout the customer lifecycle. Started in 2008, IIL delivers data enrichment strategies which enable insurers to provide the most accurate services possible to their customers predominantly at point-of-quote. The company is located in Nottingham, UK.
About Insurance Initiatives Ltd. (IIL)
Using data and technology to improve business intelligence is what IIL is all about. We're an agile, fast paced technology business, based in the centre of Nottingham's creative quarter. Since 2008 we have been challenging the status quo by developing technology to pull intelligence out of data. This enables our clients to offer more accurate services to their customers, and gives customers a more accurate quote. Our platforms improve business performance in a wide range of industries, all at the touch of a button. Pushing the boundaries is what we like to do, and we continue to do so at a fast pace, as evidenced by our fast growth. We're agile and we like it! Our vision is to provide the richest data and the most accurate decision possible. Our mission is to deliver innovative and leading edge data technology for informed and intelligent decision applications.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis 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 part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries.
About RELX Group
RELX Group is a world‐leading provider of information and analytics for professional and business customers across industries. The group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. The total market capitalisation is approximately £28bn/€33bn/$37bn.
SOURCE LexisNexis Risk Solutions