A year from the launch of the Insurance Fraud Coordination Office (IFCO) in Ireland, LexisNexis® Risk Solutions Insurance has expanded into the Republic of Ireland to deliver data enrichment services to insurance providers in the region and boost the market’s fraud detection capabilities.
A leading data, analytics and technology provider to 97% of the U.K. insurance market, LexisNexis Risk Solutions, driven by requests for greater choice and scale from the Irish market, will deliver solutions to support more accurate underwriting and pricing, streamline claims’ processes, help reduce fraud and improve the customer’s experience when they are buying or renewing a policy.
Research shows that 84% of people in Ireland believe insurance fraud is unethical and a separate study of insurance providers themselves found the vast majority want to improve their fraud detection and prevention techniques.
The expanded business will share space with the highly expert and continuously growing team of data scientists LexisNexis Risk Solutions Insurance already has based in Dublin, who support Irish insurance providers with geospatial intelligence solutions and advanced analytics, as well as provide consulting on all things data science globally.
ACCURATE DATA MEANS BETTER PRICING
Insurance providers in the Republic of Ireland will now be able to take advantage of some of the latest data innovations from LexisNexis Risk Solutions to help ensure consumers are priced accurately and fairly and protect them from fraud risks such as ghost broking as the cost of living rises and fraud climbs Indeed, there has been an 88% increase in fraud-related crimes in the past year according to Central Statistics Office data.
Shane McCabe (pictured) who brings more than 18 years’ experience in the Irish insurance market, has joined to lead the company’s client engagement efforts.
Jeffrey Skelton, managing director, Insurance, Europe, LexisNexis Risk Solutions, said: “Having an operation firmly in the Republic of Ireland means we can now be much more hands-on supporting both our new and existing insurance customers, which is essential to building trust and engendering long term relationships.
“Insurance providers in Ireland face similar challenges as those in the U.K., so it’s only right that we can offer our proven solutions to deliver more streamlined and faster decisions at point of quote and claims, reduce insurance application fraud, improve pricing accuracy and help minimise risk exposure across their personal lines businesses. This is the start of an exciting new era in our business growth to help Irish insurance providers solve for their challenges, while meeting their business objectives.”
The LexisNexis Risk Solutions Insurance business is part of Risk, a market segment of RELX, a global provider of information-based analytics and decision tools for professional and business customers. RELX is a listed FTSE 100 company.