Easing the Customer Experience Through Email Intelligence

As the economic squeeze continues, data suggests that one in every 13 private vehicles on Irish roads is currently being used without insurance[i].  Meanwhile, the Economic and Social Research Institute for Ireland warns of persistent cost-of-living pressures and core inflation of 7.1% this year[ii].   Brokers are all too keenly aware that delivering a great customer experience is vital to help ensure people have the protection they need at a fair price without having to jump through too many hoops at application and quote stage. Email address-based risk scores can reduce friction, increase the speed and accuracy of pricing and help stop fraud in its tracks.

While consumers expect a swift and friction free application process with fair and accurate quotes,  brokers also need to ensure the risks they are passing on to their insurance partners meet their appetite and don’t pose a threat of fraud. They need to carry out the right validation checks to understand the risk and protect their insurance partners but in a very seamless way for the customer. It can be a tricky balancing act made all the more challenging by the current economic environment.

Enter the humble email address. With 86% of Ireland’s internet users using email[iii], it is easy to see the capacity an email address holds as a powerful identity verification tool.  Given an email address is generally provided during the application process, using email intelligence for validation checks has to be one of the most frictionless methods of confirming the customer is who they say they are.

LexisNexis® Emailage® Rapid  is a powerful fraud risk scoring solution based on the email address and other personal information provided at application. Based on billions of transactions from global payment processors and other online industries, including 82,200 fraud events shared on average daily[iv], insurance providers in Ireland can now access an instant risk score[v] as part of the risk assessment process. This score indicates whether the identity is genuine or whether it could be fraudulent.

As well as helping speed up identity verification and so smoothing the customer journey, it also has the power to help inform pricing decisions when used alongside public and private datasets to build a fuller picture of the individual at the point of quote.

Knowing that 60% of Irish policyholders prefer to buy insurance online[vi] and 74% of Irish policyholders prefer to communicate with their insurance provider online or via text or mobile app,[vii]  digital channels are here to stay and brokers must find ways to more accurately validate data.

By harnessing data solutions such as LexisNexis® Emailage® Rapid to improve the customer experience, brokers can also free-up valuable time previously spent on post-sale ID validation checks, to maximise engagement elsewhere in the insurance lifecycle.

Society needs insurance to function effectively and brokers already play a valuable role in enabling Irish consumers to obtain fair pricing, by infusing data into workflows to speed up the on-boarding process and allow people to buy policies based on their individual risk.  There’s no doubt email address based risk scores can take the quote and buy process to the next level.  Solutions such as LexisNexis® Emailage® Rapid  recently launched in the Republic of Ireland can support a smooth customer experience and reduce the market’s exposure to fraud, helping to keep insurance costs down as policyholders face the economic headwinds.

Shane McCabe, strategic account manager, Insurance, Ireland, LexisNexis Risk Solutions

• [i] https://www.mibi.ie/mibi-news/level-of-uninsured-driving-in-ireland-problematic-.1997.html
• [ii] https://www.esri.ie/news/recession-risks-amongst-irelands-main-trading-partners-persistent-cost-of-living-pressures-and
• [iii] https://www.cso.ie/en/releasesandpublications/ep/p-isshh/informationsocietystatistics-households2020/
• [iv] https://risk.lexisnexis.co.uk/products/emailage?utm_source=google&utm+medium=paid&utm+campaign=brand-emailage&utm_content=business-non-
• [v] LexisNexis® Emailage® Rapid is a powerful fraud risk scoring solution based on the email address and other personal information provided during the application process. In February 2020, LexisNexis Risk Solutions acquired Emailage, a fraud prevention and risk management solutions provider. LexisNexis® Emailage® is a proven risk assessment tool that is fuelled by continuously updating global digital insights and uses a patented, proprietary analytic approach to reimagine fraud detection.
• [vi] https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/FinancialServices/ie-fs-the-future-of-insurance-survey-21072022.pdf
• [vii] https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/FinancialServices/ie-fs-the-future-of-insurance-survey-21072022.pdf