ATLANTA, July 24, 2020 /PRNewswire/ -- LexisNexis®
Risk Solutions launched LexisNexis® Telematics OnDemand, a
solution that seamlessly integrates telematics-based driving
behavior data into insurer rating and underwriting workflows. With
consent previously provided, the solution enables U.S. auto
insurers to access a consumer's existing telematics data in
near-real time at point of quote in order to more accurately
determine a consumer's driving behavior pattern. Telematics
OnDemand allows carriers to offer more personalized pricing to
the consumer with the potential opportunity for an immediate
discount. It is also offered at renewal for consumers and insurers
to continue to benefit from powerful insights provided by
telematics-based driving behavior data.
Telematics OnDemand delivers both a rich library of attributes
and world-class telematics risk scores from LexisNexis Risk
Solutions. This provides insurers the benefits of adopting
telematics-based driving behavior data from the LexisNexis®
Telematics Exchange, while still retaining the flexibility to
innovate and deploy their own telematics risk scores and analytics
strategies. Telematics OnDemand is also built with a robust set of
features designed to meet the requirements of the Fair Credit
Reporting Act (FCRA).
Telematics OnDemand is built to collect and deliver normalized
telematics data from U.S. automakers, mobile apps, as well as
third-party services that participate in the LexisNexis Telematics
Exchange. Currently, the Exchange includes General Motors,
Mitsubishi Motors North America and Nissan North America. When
consumers engage with their automaker for connected services, they
can take advantage of the option to share their driving behavior
data. By consenting to share their telematics data, the consumer
may be able to receive discounts on their insurance, participate in
safe driving reward programs or tap into other value-added
services. Insurance carriers can leverage the driving behavior
information with no upfront monitoring period when a consumer first
seeks a quote on their auto insurance. Insurers can use this data
for risk segmentation, rating and pricing, ultimately to help
improve loss ratios, reduce at-fault claims expenses and drive
greater customer retention and loyalty.
LexisNexis Risk Solutions is working with multiple carriers to
further expand the availability of telematics at point of
quote. Market-leading InsurTech Root Insurance is the first to
adopt Telematics OnDemand.
"Root was founded on the principle that auto insurance rates
should be based primarily on driving behaviors, not demographics,"
said Kumi Walker, chief business
development & strategy officer at Root. "Together Root and
LexisNexis Telematics on Demand will offer immediate, personalized,
fair insurance rates to good drivers based on data that comes
directly from their car."
"Telematics OnDemand shifts the paradigm for usage-based
insurance. Previously many consumers agreed to a UBI policy without
historical driving behavior data, before knowing its true benefit.
At the same time, U.S. insurance carriers offered enrollment
discounts meant to excite consumers without knowing the full risk
to their books of business," said Adam
Hudson, vice president and general manager, U.S. Connected
Car, LexisNexis Risk Solutions. "Telematics OnDemand allows
insurers to price risk more accurately earlier in the process with
the consumer, and consumers receive a price that best aligns to
their driving behavior without having to go through a monitoring
period. Now both parties benefit at point of quote."
Telematics OnDemand data can be easily accessed and leveraged
through the single platform where insurers already integrate with
LexisNexis, including the world-class quoting, pricing and
underwriting products, C.L.U.E.® Auto, LexisNexis® Current
Carrier®, National Credit File and LexisNexis® Motor Vehicle
Records. This makes deployment of telematics-based driving behavior
data more efficient, without disrupting existing workflows. The
solution is delivered both as a system-to-system feed and as an
indicator within LexisNexis® Auto Data Prefill. Insurers also
benefit from the LexisNexis® Consumer Center with more than 20
years of experience as a trusted custodian of consumer data,
helping to ensure transparency, accuracy and privacy protections in
alignment with FCRA guidelines.
"LexisNexis Telematics OnDemand meets the needs of both the
insurer and the consumer by unlocking driving behavior data within
the existing LexisNexis prefill and underwriting platforms used
today by more than 90% of auto insurers," said Hudson. "It also
leverages the expertise of LexisNexis in managing consumer data;
our proprietary data linking and advanced analytics capabilities;
and our relationships with the nation's leading automakers through
the Telematics Exchange."
Telematics OnDemand complements the growing suite of LexisNexis
Risk Solutions telematics offerings for insurance
carriers.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and
advanced analytics to provide insights that help businesses and
governmental entities reduce risk and improve decisions to benefit
people around the globe. We provide data and technology solutions
for a wide range of industries including insurance, financial
services, healthcare and government. 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 www.risk.lexisnexis.com and www.relx.com.
Media Contacts:
Regina Haas
Sr. Director, Global Media and Analyst Relations
Insurance, Connected Car and Coplogic Solutions
LexisNexis Risk Solutions
Phone: +1.678.694.3569
Regina.Haas@lexisnexisrisk.com
Mollie Holman
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
mholman@brodeur.com
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