Our tried and trusted, fully white-labelled solution, has been proven to deliver extremely strong indemnity and cost savings for MGAs and underwriters who wish to take control of overhead, or who wish to access the Irish market from abroad.
8.6% SAVING = €2,102 per claim in 2019
Central Bank Data
For 2019 Litigated Claims <€100k and before court award, compensation was €24,447, associated Legal Defence Costs 21.4% of Compensation, Plaintiff and Other Costs 48.1% (Total Costs 69.5%).
Matrix/Ennis Performance
Matrix/Ennis total for legal defence costs were 4.3 Percentage Points of the Core Settlement less when compared with the Central Bank market data
Matrix/Ennis total for plaintiff and other costs were also 4.3 Percentage Points of the Core Settlement less when compared with the Central Bank market data
Equates to a total costs saving of 8.6% of the core Compensation on every claim.
Corresponds to a saving of €2,102 on every claim
30% shorter lifecycles saving 1 year and 5 months
Central Bank Data
4.5 Years is the average time since the claim event occurred, for claims settled between 2015 and 2019
Matrix/Ennis Performance
Matrix/Ennis average duration for the same period is 3.3 years - a 27% improvement
The duration trend in the Central Bank data is deteriorating, rising to 4.6 years in 2018 and 4.7 years in 2019
Matrix/Ennis durations on the other hand continue to improve with investment in systems and have outperformed the market per Central Bank data by 30% last year
Equates to shortening claim life cycle by 17 months