Data Enrichment Expertise On Tap – LexisNexis Risk Solutions Announce Corporate Partnership with Brokers Ireland
Tue Feb 14 2023
First solution – LexisNexis® Emailage® Rapid – will flag the signs of fraud
It has never been more important for brokers to use data to understand risk and opportunity, so as a leading data, analytics and technology provider to 97% of the U.K. insurance market we are delighted LexisNexis® Risk Solutions has expanded into the region and become corporate partners of Brokers Ireland.
Brokers Ireland members will now be able to take advantage of greater choice and scale in data enrichment solutions to help ensure consumers are priced accurately and fairly and protected from fraud risks such as ghost broking as the cost of living rises and fraud climbs[i]. Insurance fraud is costing insurance companies in Ireland an estimated 200 million annually[ii].
LexisNexis Risk Solutions is now ready to help Irish brokers make faster decisions at the point of quote and claim, reduce insurance application fraud, improve pricing accuracy and help minimise risk exposure across their personal lines businesses. Most importantly, more insight means brokers have more opportunity to deliver a better customer experience when they are buying or renewing a policy.
We’re starting as we mean to go on with the launch of, LexisNexis® Emailage® Rapid for the Irish insurance market. Emailage Rapid is a powerful fraud risk scoring solution based on the email address and other personal information provided during the personal lines insurance application process. As well as helping to combat fraud, it helps reduce the cost of cancellations – A challenge for brokers.
The urgent need for this solution is evident in research we have conducted amongst Irish consumers which shows over half of young people have been tempted to buy fake insurance online. Read more here.
Shane McCabe is your key point of contact, bringing more than 18 years’ experience in the Irish insurance market.
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.
Shane McCabe, said: “Brokers in Ireland face similar challenges as those in the U.K., so it’s only right that we extend our proven solutions to the Irish insurance community. Kicking off with the launch of Emailage Rapid at a time when fraud is becoming so prevalent is evidence of our drive to solve the market’s pain points with data. Having an operation firmly in the region also means we can be much more hands-on, which is essential to building trust and engendering long term relationships.
“LexisNexis Risk Solutions is committed to ensuring Irish brokers can access the intelligence they need to support profitable business growth and we look forward to a long and mutually beneficial relationship with Brokers Ireland.”
- [i] https://www.bbc.co.uk/news/uk-62247499
- [ii] https://www.insuranceireland.eu/consumer-information/insurance-fraud