Xceedance boosts global reach with Millennium acquisition
Xceedance boosts global reach with Millennium acquisition | Insurance Business Australia
Technology
Xceedance boosts global reach with Millennium acquisition
Deal expected to strengthen underwriting and data analytics services
Technology
By
Roxanne Libatique
Xceedance, a global firm specialising in insurance technology, consulting, and operational support, has expanded its footprint through the acquisition of Millennium Information Services Inc , a US property inspection and data analytics company.
This strategic move aims to bolster Xceedance’s capabilities by adding nearly 200 new employees and over 1,300 contractors in the US, further strengthening its underwriting and data analytics services for insurers and managing general agents (MGAs).
Xceedance’s acquisition of Millennium
Founded in 1991, Millennium has completed nearly 15 million inspections across the US. The company offers data analytics that enable property and casualty insurers to identify and manage risks, supporting more informed underwriting and risk assessment decisions.
The acquisition enables Xceedance to accelerate its growth in personal lines and broaden its offerings to commercial carriers.
The company’s vast database of property risk data will integrate with Xceedance’s MAPS software platform, designed to streamline workflows, enhance decision-making, and provide actionable insights for insurers.
Benefits of Xceedance’s acquisition of Millennium
Commenting on the deal, Xceedance CEO Arun Balakrishnan said bringing together Millennium’s inspection capabilities with Xceedance’s operational expertise creates a strong, analytics-driven solution for clients.
“We are excited to share the benefit of more real-time data and analysis to consider property risks with clients,” he said, noting that the combined teams will now serve more than 200 clients.
Millennium’s president, Scott Dismeier, emphasised the benefits of the acquisition, saying partnering with Xceedance would allow the company to advance how property inspections are conducted and leverage its data for better risk management solutions.
“Joining the Xceedance team takes everything to a new level immediately,” he added.
Prateek Vijayvergia, Xceedance’s business leader for Australia and New Zealand, noted that the acquisition aligns with the company’s global strategy to deliver cutting-edge insurance solutions by integrating advanced technology and data analytics.
Xceedance recognised at 2024 Insurance Business Australia Awards
Xceedance’s acquisition coincides with the company’s recognition at the 2024 Insurance Business Australia Awards, held at The Fullerton Hotel in Sydney.
The annual event, now in its seventh year, celebrated top performers in 21 categories across the Australian insurance industry, with new honours for Diversity, Equity & Inclusion, Philanthropy & Community Service – CSR, Woman of Distinction, and CEO of the Year.
Hundreds of industry professionals, including brokers, underwriters, and insurers, attended the event, which featured a formal dinner, live entertainment, and a cocktail reception. The event was hosted by comedian and TV personality Merrick Watts, and music was provided by the band Atomic.
The event was sponsored by AAMC, QBE Q nect, Australia Underwriting, and ShieldCover, among others.
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