HUNTINGTON BEACH, CALIF. and ATLANTA – LexisNexis Risk Solutions, a leading provider of data and analytics in insurance telematics, and Modus, a leading provider of advanced vehicle tracking systems for insurers, fleet managers and businesses, announced today a new alliance which provides insurers more options in after-market solutions to gather data and apply advanced analytics in developing and managing their UBI programs. Through this alliance, Modus is joining the LexisNexis Telematics Exchange, which will allow insurance carriers who opt in to take advantage of data from the industry and OEMs, make better decisions faster, and gain unique insights for competitive advantage.
“Vehicle telematics have become an integral part of the new wave of usage-based insurance, and it starts with having integrated flexible solutions. We have seen an increased adoption of programs using multiple data collection models simultaneously, including hardware and mobile app. These options provide more tools for driver scoring, consumer-focused value added services, and location data for personal and commercial insurers, allowing for even greater risk insights than ever before. In working with LexisNexis Risk Solutions, together we’re able to provide a deeper level of data granularity and scoring to insurers and better consumer experiences no matter the data collection method,” said Brandon Johnson, CEO, Modus.
“This alliance allows LexisNexis Risk Solutions to leverage core competencies, pairing the experience of Modus with telematics devices, mobile apps, and data, and our industry-leading telematics platform and some of the most the advanced data and analytics that are changing and shaping the industry,” said Ash Hassib, SVP and GM, Auto and Home Insurance, LexisNexis Risk Solutions. “Our insurance customers need to be able to move quickly, properly adapt to evolving technology and optimize their programs and we’re helping them do that with a high-level of service, expertise, and technological innovation.”
Modus offers an innovative, scalable and flexible connected car platform to deliver driver performance data that enables insurers to identify and characterize more accurate risk profiles. The LexisNexis Telematics Exchange ingests and normalizes telematics data gathered from many data sources, including auto manufacturers (OEMs) or after-market devices such as 12-Volt, OBDII dongles and smartphone apps from companies like Modus. Once this data is compiled and normalized, LexisNexis then scores it using advanced analytics and predictive modeling specific to telematics to provide driving behavior insights for insurers. This approach allows insurers to access key data and analytics on the driver, which can help improve pricing and profitability across an insurer’s entire portfolio.
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 and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.