Small Business Financial Exchange, Inc. and LexisNexis Risk Solutions to Create Small Business Data Sharing Platform between Banks and Insurers
Mar 26, 2018, 09:15 ET
ATLANTA, March 26, 2018 /PRNewswire/ -- LexisNexis Risk Solutions, a technology, data and analytics company, announced today that the Small Business Financial Exchange, Inc. has approved a data sharing arrangement where the insurance companies and SBFE Member (comprised of small business lenders) can participate in sharing small business information to more effectively assess risk across both industries. Working with the SBFE, LexisNexis Risk Solutions is bringing small business lenders of all types and insurers together with access to never-before-available data, providing unique insights into both small business credit and insurance decisioning.
"Bringing together SBFE's rich financial payment data with LexisNexis's insurance data where the sharing of this data is mutually beneficial to all parties while protecting the lenders' and issuers' unique customer relationship in the process were key to securing SBFE's approval," said Small Business Financial Exchange, Inc. CEO, Carolyn Hardin-Levine. "Lenders and issuers alike benefit from having more robust data for Know Your Customer and risk management activities. SBFE believes this relationship will make it easier and decrease the time it takes for small businesses to secure appropriate funding and insurance services they need to run a successful business."
Commercial insurance offerings from LexisNexis Risk Solutions help the nation's leading insurers better underwrite commercial businesses through more accurate, automated information about people, property and prior loss histories. The company's vast U.S. business and consumer data is culled from more than 13,000 public and other proprietary sources, and advanced analytics link complex relationships between businesses and consumers.
The Small Business Financial Exchange, familiarly known as SBFE®, is a not for profit trade association striving to be the trusted advocate for the safe and secure growth of small businesses. SBFE does this by gathering and protecting the largest aggregation of small business payment data in the US today and leveraging the power of that data to help the small business industry build a true and accurate picture of small business.
Using information from the SBFE and commercial insurance data from contributing insurers, both commercial insurers and lending institutions will have access to information not typically available through traditional sources. These data sources can offer a glimpse into important information on small business risk such as defaults as well as positive payment history and insurance experience.
"SBFE's role as a trusted industry advisor and champion of small business lending information makes them the ideal partner to work with LexisNexis Risk Solutions. Through this partnership, we are able to bring data together from lending institutions and contributing insurers in a new way that creates a distinct risk value proposition for both industries," said Ernie Feirer, Vice President and General Manager, Commercial Insurance, LexisNexis Risk Solutions. "We see opportunities for insurers to use the shared insight to better underwrite, build a healthier book of business, and increase their profitability thanks to honed insight into a small business' risk. We consider it transformative for lending institutions to be able to supplement their risk assessments with commercial loss, payment and other important insurance data."
As an SBFE Certified Vendor™, LexisNexis Risk Solutions continues to innovate and develop exclusive SBFE Member products that bring clarity to small business credit decisioning. LexisNexis big data technology, HPCC Systems, processing efficiencies and data management expertise are the cornerstone of its Certified Vendor relationship with SBFE.
"Small businesses can benefit from more accurate pricing for commercial insurance and better lending terms based on the insurers and lending institutions simply knowing more about these small businesses and their risks," said Feirer.
About LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexisrisk.com.
About Small Business Financial Exchange, Inc. and SBFE, LLC (SBFE®)
The Small Business Financial Exchange, Inc. and SBFE, LLC (collectively known as SBFE) is the leading source of US small business credit information. Established in 2001 as a non-profit organization, today the exchange houses information on about 25 million businesses in its SBFE Data Warehouse™, and enables blind information exchange among its Members. Through its resources, relationships and SBFE Certified Vendors™, SBFE makes possible innovative risk management solutions by providing industry insight and analysis of aggregated small business financial data to its Members. SBFE sets the highest standards for data quality, integrity of use, data governance and information security for SBFE Data™ to protect its Members and their customers' information. SBFE is the only Member-controlled organization of its type and is a trusted advocate in promoting the needs of the small business lending community. For more information, please visit www.sbfe.org.
Media Contacts:
Regina Haas
LexisNexis Risk Solutions
+1.678.694.3569
[email protected]
Mollie Holman
Brodeur Partners
+1.646.746.5611
[email protected]
SOURCE LexisNexis Risk Solutions