Service will provide information on businesses
Experian, the global information services company, has launched a business information reports service commercial insurance companies.
The reports will provide insurers with access to a range of detailed and up-to-date insurance-specific information from a number of sources on UK businesses and the individuals running those businesses.
The company said the reports enable insurers to better analyse and manage risk by providing information such as details on ownership, finance and directorships; adverse data, such as CCJs or bankruptcies; payment trends and risk scores.
Companies will be able to exert greater insight and control through improved risk assessments, provide assistance into fraud investigations and benefit from improved claims management processes, Experian said.
Steve Paton, commercial director for Experian’s insurance services division, said: “Access to clear, accurate and relevant business information is crucial. Companies operating in high risk areas need to assess and monitor the financial stability of companies that they work with as those in severe financial difficulty may be tempted to utilise their last remaining asset – their insurance policy.
“Risk management is critical for insurers and to do this effectively, they need an accurate understanding of the nature of the risk. As a result, we are providing insurers in the UK with a new business reporting capability that focuses on the information the industry needs most and in a format that suits companies’ processes.”
He added: “A key feature of our Business Information for Insurance reports is the display of a red, amber or green status (RAG) based on values defined by the user. RAG reporting is widely used by the insurance industry and was a feature insurers specifically requested. The way we present this critical information and the report’s clear format gives insurers an immediate indication of a company’s risk status to help them make faster decisions.”
