Xceedance, a global leader in consulting, technology, operations support, and data solutions for the insurance sector, has acquired Millennium Information Services, Inc. (MIS), one of the largest property inspection and data analytics companies in the U.S.
With the acquisition, the Xceedance Americas team adds nearly 200 team members and a nationwide contractor network of more than 1,300 inspectors, strengthening its underwriting support and analytics capabilities for insurers and MGAs.
The acquisition accelerates the Xceedance expansion in personal lines and provides a solid foundation to offer inspection and data analytics solutions to commercial carriers and MGAs. Millennium conducts more than 1 million residential, commercial, and farm inspections annually and works with 80+ insurance carriers and MGAs. The firm has captured hundreds of millions of data points on specific risk hazards and property conditions that will fuel the next phase of innovation on its MAPS® software platform, which aids in decision-making, workflow management, and data analytics.
“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,” said Arun Balakrishnan, CEO at Xceedance. “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.”
“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,” said Scott Dismeier, President of Millennium Information Services. “We’re thrilled to be part of a company that delivers innovation and excellent customer service.”
“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,” said Peter Flynn, Head of Personal Lines at Xceedance.