LexisNexis Risk Solutions Insurance has expanded its activity in Ireland to deliver data enrichment services to insurance providers and hopefully boost the market’s fraud detection capabilities.
A leading data, analytics and technology provider to 97% of the UK insurance market, LexisNexis Risk Solutions said its products can 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.
The expanded business will share space with the team of data scientists LRS already has 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.
The LexisNexis 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.
Shane McCabe who brings more than 18 years’ experience in the Irish insurance market, has joined to lead the company’s client engagement efforts.
In Association with
Jeffrey Skelton of LexisNexis Risk Solutions stated: “Having an operation 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.
“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.”
PIAB awards
Meanwhile, minister Dara Calleary welcomed the publication by the Personal Injuries Assessment Board (PIAB) of its third report on average award levels under the Personal Injury Guidelines.
The report says that since the introduction of the guidelines in April 2021, average general damages as assessed by PIAB have decreased by 44%.
“I am pleased to see acceptance rates are now up from 36% to 48% and approaching pre-Guidelines levels as claimants and respondents adjust to the new level of awards,” the minister added.
“Legislation I am currently bringing through the Oireachtas will facilitate an increase in the number of personal injury claims that may be resolved through the Board and without recourse to litigation.
“I am determined to progress this legislation to enactment in 2022. I am confident that these reforms will increase the number of personal injury claims resolved through the PIAB process which offers a faster and more cost-effective resolution of personal injuries claims than litigation.”
