Open GI reports a new partnership with consumer and business credit checking agency Equifax. The firms offer brokers a ‘business insight service’ for SMEs and larger commercial organisations. 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 picture of a company’s risk status. Data assets covered include company accounts, ratios and registered CCJs and Gazette information. Open GI says that it’s now working with six data providers, with plans to add more over the coming months.
Rebecca Grainger, Head of Insurance at Equifax, called it a tool for brokers to help them make more informed decisions about their customers. She said: “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 Proposition Director, added: “Partnering with Equifax means we can, for the first time, offer a 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.”
