The check, which will be available through Open GI’s fraud validation platform, uses Equifax Business Insights to provide access to financial information on UK businesses, including SMEs.
It calculates the financial performance of commercial entities, including limited companies and sole traders, based on a number of indicators to provide a complete picture of a company’s risk status; bringing together a range of data assets including company accounts, ratios and registered CCJs and Gazette information.
This latest addition to the platform now sees Open GI working with six data providers, with plans to add more over the coming months.
Rebecca Grainger, Head of Insurance at Equifax, said:
“We’re excited to be working with Open GI on this new service, equipping its brokers with a tool to help them make more informed decisions about their business customers.
“Businesses, and SMEs in particular, are the backbone of the UK economy and ensuring that they get the right level of insurance cover is vital. Our data check will help brokers to easily validate information for SMEs and larger commercial organisations, as well as understanding the level of risk associated with that business.”
Nick Giddings, Open GI’s Chief Marketing Officer, added:
“Partnering with Equifax means we can, for the first time, offer an SME focused check on our fraud management platform, which will be valuable to so many of our brokers.
“One of the main benefits of using Equifax Business Insights is that it enables brokers to more easily interpret the current risk for a prospect. It will also help underwriters recognise the risks identified and accurately price premiums. This additional information will provide our brokers with a strong competitive advantage while supporting their SME and larger commercial clients.”
Notes to Editors:
Open GI is the leading technology partner to general insurance brokers in the UK and Irish markets. Its Core broking platform provides multi-line, multi-channel, multi-brand trading capability complemented by innovative ecommerce and mobile technologies. Open GI is part of the Open International Group alongside sister companies Open GI London and Open GI Ireland.
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers. Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,700 employees worldwide. For more information, visit www.equifax.com. Equifax Limited is one of the Equifax group companies based in the UK. Equifax Limited is authorised and regulated by the Financial Conduct Authority.