Xceedance, a global provider of consulting, technology, operations support, and data solutions, has acquired Millennium Information Services to accelerate its expansion in the personal lines sector.
The move will enable it to bolster its capabilities within the insurance sector, especially for underwriting support and analytics, according to FF News.
It will also enhance its ability to provide inspection and data analytics solutions to commercial carriers and MGAs.
With this acquisition, Xceedance is bringing on nearly 200 new team members and adding a network of over 1,300 inspectors across the U.S. Although the exact value of the deal has not been disclosed, the acquisition is set to significantly boost Xceedance’s service offerings.
Millennium Information Services specialises in conducting property inspections and data analytics, performing over 1m residential, commercial, and farm inspections annually. The firm works with more than 80 insurance carriers and MGAs, leveraging its proprietary MAPS® software platform, which supports decision-making, workflow management, and data analytics.
The firm has gathered hundreds of millions of data points on property risks, making its data vital for future innovation in the industry.
Xceedance CEO Arun Balakrishnan expressed his enthusiasm for the merger, saying, “Pairing our deep insurance operational expertise with Millennium’s inspection capabilities and MAPS® platform creates the most powerful, analytics-driven offering in 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.”
Millennium Information Services president Scott Dismeier echoed this excitement, stating, “At Millennium, we’re focused on changing both the way property inspections are done and the value garnered by our clients of the data gathered by leveraging technology, as well as developing new ways to use historical and predictive inspection information for better risk management. Joining the Xceedance team takes everything to a new level immediately.”
Peter Flynn, head of personal lines at Xceedance, added, “Carriers are facing daunting challenges as property risks evolve, and we see the results in 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.”
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