ATLANTA – LexisNexis Risk Solutions, a leading provider of data, analytics and technology for insurance, today announced the new milestones for its telematics platform, the LexisNexis® Telematics Exchange, a device agnostic end-to-end telematics solution to help insurers and auto manufacturers (OEMs) enhance their usage-based insurance (UBI) programs. The Telematics Exchange platform will be collecting data from the OEMs and other third party data sources in addition to aftermarket devices including the new 12-Volt device and OBDII dongles, black boxes and smartphone apps. The collected data is then cleansed, normalized and filtered to be ingested as part of insurers’ UBI programs. The platform helps insurers maintain UBI program continuity regardless of the data sources used and future technological disruptions.
“As UBI programs continue to evolve, the challenge insurers are constantly faced with is that the number of collection methods for telematics data continues to grow as programs evolve and all the data then needs to be streamlined,” said Ash Hassib, Senior Vice President and General Manager, Auto and Home Insurance, LexisNexis Risk Solutions. “Through the LexisNexis Telematics Exchange, we’re able to help our partners navigate evolving technology by providing them with normalized data and advanced insights that are most relevant to help them grow their business.”
A trusted steward of data to the insurance industry for more than 25 years, LexisNexis Risk Solutions began creating its device-agnostic telematics solutions in 2007 and built its telematics platform as a way for insurers, auto manufacturers and drivers to benefit from the evolution of UBI. The platform enables insurers to receive scores through a single point of entry and leverage their existing system integrations with LexisNexis Risk Solutions to offer the same UBI programs and scores regardless of each customer’s data collection preference. One of the goals of the Telematics Exchange is to allow OEMs to collect and seamlessly integrate vehicle data into insurers’ existing UBI programs through the Telematics Exchange.
Another goal of the Telematics Exchange will allow auto manufacturers, to gain insights and tap data analytics capabilities that will enable them to provide value-added products and services Since LexisNexis Risk Solutions has system-to-system connections with many U.S. insurance carriers, engaged OEMs have an actionable opportunity to encourage safe driving and enhance customer ownership experiences.
With one of the largest provider-held insurance telematics databases in the world with associated loss histories, LexisNexis is also able to provide a package of data and analytics solutions to better fit the needs of OEMs, enabling them to gain a deeper understanding of their customers, a faster speed to market for enhanced telematics insurance products and an overall greater ROI.
Learn more about telematics solutions.
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. For more information, please visit www.risk.lexisnexis.com and www.relx.com.