LexisNexis Risk Solutions Insurance has expanded its operations in the Republic of Ireland, providing data enrichment services to insurance companies and boosting fraud detection capabilities in the market.
The move comes one year after the launch of the Insurance Fraud Coordination Office in Ireland. According to LexisNexis, the new operation seeks to support more accurate underwriting and pricing, streamline claims processes, help reduce fraud and improve customer experience when purchasing or renewing a policy.
The company also hired Shane McCabe (pictured above) to lead its client engagement efforts for the new business. McCabe has more than 18 years of experience in the Irish insurance market.
LexisNexis said its expansion is timely, as Ireland’s Central Statistics Office has recorded an 88% increase in fraud-related crimes in the past year amidst the cost-of-living crisis.
The expanded business will share space with the growing team of data scientists LexisNexis Risk Solutions Insurance already has based in Dublin. This data team supports Irish insurance providers with geospatial intelligence and analytics and provides consulting on various global data science topics.
“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,” said Jeffrey Skelton, managing director for insurance, Europe, LexisNexis Risk Solutions. “Insurance providers in Ireland face similar challenges as those in the UK, 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.
“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.”
