LexisNexis® Risk Solutions today announced the availability of LexisNexis® Attract℠
for Telematics, a suite of predictive models for auto insurers. Attract for Telematics is the first and only solution commercially available to U.S. insurers that can score an individual’s driving behavior across multiple vehicles, vehicle usage patterns across multiple drivers and can return those results on an individual driver, vehicle or household level.
“By separating out the different risk components of the driver and the vehicle, we get a deeper level of understanding on true driving behavior that a vehicle-based score alone cannot provide,” said Ash Hassib, Senior Vice President and General Manager, Auto Insurance, LexisNexis. “Using Attract for Telematics gives insurers both greater insight and more flexibility to incorporate telematics data into their products.”
Insurers may choose to leverage the driver or vehicle score, or combined versions of the scores. Attract for Telematics is part of an end-to-end telematics solution from LexisNexis that includes: telematics data collection, processing, scoring, and storage; a white-label mobile application (app) for smartphones; a white-label consumer-facing dashboard; and customer support. The solution leverages existing data interfaces between LexisNexis and nearly all U.S. insurers, drastically reducing implementation time and effort.
“Many insurers are drawn to the value proposition of usage-based insurance — underwriting the safest, low-mileage, defensive drivers and getting lots of driver behavioral data in exchange,” wrote Ellen Carney, principal analyst, in a Forrester report. “Smartphone apps — and even the vehicles themselves — will capture new kinds of driver, auto, and even roadway intelligence to create new proprietary risk-reward algorithms that fundamentally create a personalized car policy.”1
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 Group (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. RELX is a FTSE 100 company and is based in London. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
The Future Of Insurance Is Mobile, Forrester Research, Inc., September 28, 2012