Dublin - February 2024: In a development to help residents in the Republic of Ireland access more accurate home insurance cover following a record year of heat and rain , Ivernia Insurance, one of Ireland’s leading underwriting agencies, is set to use highly granular detail on property risks, in a new agreement with LexisNexis® Risk Solutions, the data, advanced analytics and technology provider.
The new agreement will enable Ivernia Insurance to gain a much deeper understanding of the property characteristics of a customer’s home, as well as the peril risks for the customer’s precise address such as flood, fire and subsidence, at the point of quote. This will help Ivernia and its insurance partners to improve the delivery of first-time insurance quotes and products more suited to each customer’s specific needs.
Ivernia Insurance will access the detailed property data, including precise peril risks from LexisNexis Risk Solutions, via Applied Riskhandler, a highly scalable SaaS platform that enables rapid insurance product innovation and underwriting controls to speed the quote process for customers.
Shane McCabe, insurance strategic account manager, Ireland, LexisNexis Risk Solutions said, “It is vital that home insurance providers access highly accurate and predictive data on property risks up front to help them price accurately and precisely as we continue to experience extremes in weather. We are delighted to have secured this contract with Ivernia Insurance, working in collaboration with Applied Systems, to help support accurate pricing for home insurance cover.
Graeme Murdock, head of underwriting of Ivernia Insurance said, “Ivernia’s goal is to make insurance more affordable and to assist customers during unexpected events. In the past year, Ireland saw the warmest June on record and the wettest July on record, and then we had storms in August that brought trees down and caused flash flooding . The more we can use data to understand the customer’s needs and the risks of their property, the better we can serve them by offering a competitive premium with cover that matches their risk and helps them protect their assets. That is why we have taken the decision to invest in the data solutions offered by LexisNexis Risk Solutions.”
Stephen Murphy, senior director of customer experience, Applied Systems added, “This collaborative relationship marries best-in-class data insights, technical capabilities to make these data analytics work effectively in the quote process, and insurance market expertise to deliver the right pricing and products to customers. It is this winning combination that will ensure that consumers have access to home insurance protection that has been priced for the precise risk of their property.”
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit. For more information, please visit LexisNexis Risk Solutions and RELX.
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