LexisNexis Risk Solutions Insurance has expanded its operations in Ireland to offer data enrichment services to insurance companies and boost fraud detection capabilities in the market.
The latest move follows the launch of the Insurance Fraud Coordination Office in Ireland last year.
The company will provide solutions to help more accurate underwriting and pricing, reduce fraud, streamline the claims processes, and improve the customer experience while purchasing or renewing a policy.
LexisNexis Risk Solutions stated that the local insurance providers will use some of its latest data innovations to help ensure consumers are priced accurately and protect them from fraud risks, including ghost broking.
According to Central Statistics Office data, an 88% increase in fraud-related crimes is recorded in the past year.
LexisNexis Risk Solutions Europe Insurance managing director Jeffrey Skelton said: “Having an operation firmly 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.
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“Insurance providers in Ireland face similar challenges as those in the U.K., so it’s only right that we can offer our proven solutions to deliver more streamlined and faster decisions at point of quote and claims, reduce insurance application fraud, improve pricing accuracy and help minimise risk exposure across their personal lines businesses.”
The company’s expanded business will share space with its data scientists’ team based in Dublin.
The data scientists’ team will provide geospatial intelligence, analytics, and consulting on all global data science topics to Irish insurance providers.