LexisNexis Risk Solutions, a division of Reed Elsevier, plans to create a joint venture with Jing You, a private supplier of data, software and services to the insurance industry in the People’s Republic of China. The joint venture will supply data to insurance companies in China and be based in Beijing.
The partnership is part of LexisNexis Risk Solutions’ strategy of internationalizing its business in fast-growing markets. The company already provides services to U.S. auto insurance carriers and is increasing its product offering to UK motor insurers.
“The auto insurance market in China is growing rapidly, and the combination of our expertise and technology with Jing You’s data and deep understanding of the local market provides us both with a unique opportunity,” said Bill Madison, chief executive, Insurance, LexisNexis Risk Solutions. “This marks another important step in the international growth of our company through partnerships with organizations in markets that are already viable and productive.”
“Jing You has been cultivating the Chinese insurance data market for more than 10 years. It owns high-quality data, services a large customer base, and has deep experience meeting the needs of the local market,” said Feng Yancheng, founder and chief executive officer, Jing You. “Following the upcoming reform of Chinese non-compulsory auto insurance products, insurers will increasingly focus on improving management and performance through data products and services. The joint venture between Jing You and LexisNexis will leverage the resources of both parties, and offer even better outcomes to our customers.”
The financial terms of the joint venture were not disclosed. The completion of the transaction is conditional upon regulatory approval.
Source: LexisNexis Risk Solutions
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