Fastnet Underwriting Goes Heavy on the ‘Metal’ for More Accurate Motor Insurance Quotes with LexisNexis® Vehicle Insights

Fastnet Underwriting, a brand-new insurance MGA in the Republic of Ireland is living up to its promise to use advanced technologies and processes to deliver fair and competitive motor insurance premiums to brokers. In a new contract with LexisNexis® Risk Solutions, the data, analytics and technology provider, Fastnet Underwriting is now tapping into LexisNexis® Vehicle Insights a suite of vehicle centric data solutions for more insight on the ‘metal’ at the point of quote. In addition, LexisNexis Risk Solutions will be supporting Fastnet motor insurance rating decisions as the appointed distributor of Thatcham Vehicle Risk Data (VRD).  

The average age of the car parc in Ireland is now 9.7 years, rising to 11 years for petrol models[i], yet the cost of motor insurance has risen 11% in the past year[ii]. This makes it increasingly crucial for insurance providers to access accurate information on vehicles for more personalised and precise pricing. Through LexisNexis Vehicle Insights, Fastnet Underwriting will have streamlined access to current mileage and real-time vehicle valuation information based on listings data for registered vehicles.

Shane McCabe, insurance strategic account manager, Ireland, LexisNexis Risk Solutions, said: “We are delighted to have secured this contract with Fastnet Underwriting, right at the start of its journey, to help ensure its brokers are in the best position to offer competitive rates to motor insurance customers. Fastnet will now have swift access to essential vehicle data to enable fair pricing decisions that should satisfy consumers’ need for precision and speed during the underwriting process.” 

David Bolger, Chief Executive Officer of Fastnet Underwriting said: “LexisNexis Vehicle Insights, along with the Thatcham VRD, will enable us to make a broader and faster assessment of risk. With more and better data, we can be more precise with our pricing to put brokers at a competitive advantage when securing new motor insurance business.”

[i] https://www.simi.ie/en/environment/drive-greener/national-vehicle-fleet#:~:text=Ireland’s%20National%20Fleet&text=Currently%20the%20average%20age%20of,materially%20reduce%20the%20average%20age.

[ii] https://www.cso.ie/en/releasesandpublications/ep/p-cpi/consumerpriceindexoctober2024/