Xceedance acquires Millennium Information Services to boost property risk analytics
Xceedance acquires Millennium Information Services to boost property risk analytics | Insurance Business America
Insurance News
Xceedance acquires Millennium Information Services to boost property risk analytics
Deal to bolster the firm’s underwriting support and analytics, adding 200 members
Insurance News
By
Kenneth Araullo
Xceedance has announced its acquisition of Millennium Information Services, Inc (MIS), a leading US property inspection and data analytics company.
With the move, Xceedance strengthens its underwriting support and analytics capabilities, adding nearly 200 team members and a contractor network of more than 1,300 inspectors across the United States.
It noted that the acquisition accelerates the company’s growth in the personal lines market and positions the company to offer expanded inspection and data analytics services to commercial carriers and managing general agents (MGAs). Millennium conducts over one million residential, commercial, and farm inspections annually, serving more than 80 insurance carriers and MGAs.
The firm has gathered hundreds of millions of data points on risk hazards and property conditions, which will be utilized to enhance its MAPS software platform. The platform supports decision-making, workflow management, and data analytics for insurers.
Arun Balakrishnan (pictured above), CEO of Xceedance, highlighted the combined strengths of the two companies, stating that the partnership with Millennium will create a powerful analytics-driven solution for the market.
“Our combined team in the Americas will now support more than 200 clients. We are excited to share the benefit of more real-time data and analysis to consider property risks with clients. But even more, we’re eager to innovate and accelerate the development of tools and services that will drive improved carrier results as underwriters are empowered to make more informed, better decisions,” Balakrishnan said.
Scott Dismeier, president of Millennium Information Services, said the acquisition will elevate the company’s ability to leverage technology and use historical and predictive inspection data for enhanced risk management. He emphasized that joining Xceedance represents a significant step forward in delivering value to clients and driving innovation.
Peter Flynn, head of personal lines at Xceedance, also pointed to the challenges carriers face as property risks evolve, citing market volatility in recent years.
“Our team has a tremendous opportunity to help clients see portfolio trends more clearly and empower underwriters to take decisive action at the risk level. It’s great to welcome the Millennium team to Xceedance,” Flynn said.
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