News release

Contact:
Anna White
LEWIS PR
+44 (0)20 7802 2626 Tel
Experian@lewispr.com Email

Experian launches first dedicated business information reports for insurers in the UK

Nottingham, UK,
7 August 2008 – Experian¨, the global information services company, today launched the UK's first business information reports specifically designed for commercial insurance companies.

Experian's new range of 'Business Information for Insurance' reports provide insurers with access, for the first time, to a range of detailed and up-to-date insurance-specific information from a number of trusted sources on UK businesses and the individuals running those businesses. 

Experian's insurance reports enable insurers to better analyse and manage risk by providing:

  • Details on ownership,
  • Finance and directorships
  • Adverse data, such as CCJs or bankruptcies
  • Payment trends
  • Risk scores and analysis
  • Bespoke insurance RAG (red, amber, green) functions

The detailed information at insurers' fingertips means that 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.

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."

"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."

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