LONDON and ATLANTA -
LexisNexis® Risk Solutions today announced it is expanding its global usage-based insurance (UBI) solutions with the acquisition of Wunelli, an industry-leading telematics data services company based in the United Kingdom. Together, the companies will empower insurers to leverage telematics data to make timely, informed decisions, reduce risk exposure and improve consumers’ experience with usage-based insurance.
“Wunelli brings telematics expertise, solutions, scores and unique data assets, experience with hundreds of millions of miles of telematics data that can help advance our existing telematics offering and provide our customers with greater ROI, and faster speed to market,” said Bill Madison, CEO, Insurance, LexisNexis. “With usage-based insurance projected to grow to approximately 15-30% of the global auto insurance market in the coming years, our customers have communicated an increased need for a variety of telematics solutions to help them attract safer drivers, improve retention and avoid adverse selection.”
The combined LexisNexis and Wunelli datasets will result in one of the largest provider-held insurance telematics databases in the world, with solutions to support insurers as they assess risk, discount safer drivers and serve customers more effectively.
Wunelli Director, Sandy Dunn, said: “LexisNexis and Wunelli share a complementary vision to provide the most comprehensive risk assessment solutions available to the insurance industry, and we look forward to combining our offerings. LexisNexis data and analytics expertise, fast linking technology and HPCC Systems® platform will help our customers execute on their global telematics strategies, while offering them an unparalleled level of insurance telematics service and support.”
In the U.K., recent research shows that although only 4% of drivers currently have telematics fitted to their vehicles, almost 20% would consider telematics at their next renewal. A LexisNexis 2013 Insurance Telematics Study found that in the U.S., discounts are the number one driver for UBI enrollment – 50% of consumers are likely to sign up for a 10% discount while 36% would actually change insurers for a 10% discount.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. 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 LexisNexis Risk Solutions and RELX.