LexisNexis Risk Solutions and Open GI have signed a long-term strategic agreement to implement real-time access to third party data by providing data to insurers at the time of quote and sale to improve underwriting and pricing decisions.
The combination of Open GI’s software and powerful data innovations from LexisNexis will provide 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.
LexisNexis will release the first wave of products in early 2012, including public records, ID checks, and a range of risk scores and data solutions, including new products are scheduled to be released in 2012.
LexisNexis Risk Solutions UK managing director Dan Marshall said that this relationship will aid insurers to accurately price risks and make enhanced underwriting decisions.
Open GI distribution director David Kelly said that integrating real-time third party data will ensure accurate information to be accessible when checking a risk and will minimise fraud, reduce bad risks and give insurers a competitive edge.