Consumers in Ireland Can Benefit from Faster, More Precise Home Insurance Quotes
Tue Feb 13 2024
LexisNexis Risk Solutions Teams with Ivernia Insurance and Applied Riskhandler to Enhance Home Insurance Pricing
Dublin – February 2024: In a development to help residents in the Republic of Ireland access fair and accurate home insurance cover following a record year of heat and rain[i], Ivernia Insurance, one of Ireland’s leading underwriting agencies, is set to use highly granular detail on property risks, in a new agreement with LexisNexis® Risk Solutions, the data, advanced analytics and technology provider.
The new agreement will enable Ivernia Insurance to gain a much deeper understanding of the property characteristics of a customer’s home, as well as the perils risks for the customer’s precise address such as flood, fire, and subsidence, at the point of quote. This will help Ivernia and its insurance partners, to deliver right, first-time insurance quotes, and products suited to each customer’s specific needs.
Ivernia Insurance will access the detailed property data, including precise perils risks from LexisNexis Risk Solutions, via Applied Riskhandler, a highly scalable SaaS platform * that enables rapid insurance product innovation and underwriting controls to speed the quote process for customers.
Shane McCabe, Insurance Strategic Account Manager, LexisNexis Risk Solutions, Ireland, said: “It is vital that home insurance providers access highly accurate and predictive data on property risks, up front, to help them price fairly and precisely as we continue to experience extremes in weather. We are delighted to have secured this contract with Ivernia Insurance, working in partnership with Applied Riskhandler, to help support fair and accurate pricing for home insurance cover.
Graeme Murdock, Head of Underwriting of Ivernia Insurance said: “Ivernia’s goal is to make insurance more affordable and to assist customers during unexpected events. In the past year, Ireland saw the warmest June on record and the wettest July on record, and then we had storms in August that brought trees down and caused flash flooding[ii]. The more we can use data to understand the customer’s needs and the risks of their property, the better we can serve them by offering a competitive premium with cover that matches their risk and help them protect their assets. That is why we have taken the decision to invest in the data solutions offered by LexisNexis Risk Solutions.”
Stephen Murphy, Senior Director of Customer Experience, Applied Systems added: “This partnership marries best-in-class data insights, technical capabilities to make these data analytics work effectively in the quote process, and insurance market expertise to deliver the right pricing and products to customers. It is this winning combination that will ensure that consumers have access to home insurance protection, that has been priced for the precise risk of their property.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.
Alison Reeson or Matthew Enderby at HSL
0208 977 9132, 07876 597466
Manager, Global Communications
Insurance and Connected Car
LexisNexis Risk Solutions