Data Enrichment to Take Centre Stage in 2024
Wed Dec 13 2023
At the start of 2023, we made the bold suggestion that it has never been more important for brokers to use data to understand risk and opportunity. That statement rings truer now than we could have anticipated, particularly in light of the Alliance for Insurance Reform protocol for reporting suspected insurance fraud[i], which was launched in late October 2023.
Brokers Ireland members will be aware that the protocol states that insurance companies must increase their fraud investigation resources and adopt a policy of refusing to settle suspect claims.
At LexisNexis® Risk Solutions, we were already aware of the pressure on brokers to do more to root out fraud. It is one of the reasons for our expansion into the region. With that in mind, in February we launched LexisNexis® Emailage® Rapid for the Irish insurance market.
This award-winning product recognised at the Insurance Times Awards 2023 where it won Excellence in Fraud Mitigation – Supplier, 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 – another big challenge for brokers. The solution is already working to great effect in the U.K. and we have been delighted with the feedback from the Irish insurance market since launch.
LexisNexis Emailage® Rapid, however, is just one string to our bow. We’re here to empower brokers with a greater choice and scale in data enrichment solutions to help ensure consumers are priced accurately and fairly and protected from fraud risks. Our data solutions for home and motor enable Irish brokers to make faster decisions at the point of quote and claim, reduce insurance application fraud, improve pricing accuracy and minimise risk exposure. Of course, more insight means brokers have more opportunity to deliver a better customer experience.
As 2024 approaches with indecent speed, LexisNexis Risk Solutions remains committed to ensuring Irish brokers can access the intelligence they need to support profitable business growth. 2024 looks set to be a year in which data enrichment will take centre stage in shaping the landscape of the Irish insurance market.
Shane McCabe, insurance strategic account manager, LexisNexis® Risk Solutions, Ireland