LONDON and ATLANTA — Automotive OEMs looking to leverage connected car data to offer their customers usage-based insurance (UBI) options through participating insurers and create greater customer engagement through driving behavior feedback can now build new consumer services and take advantage of industry-leading telematics data filtering, normalization and analytics, with the launch of a LexisNexis Risk Solutions Software Development Kit (SDK).
LexisNexis Risk Solutions, a unit of RELX Group, is a global data technology and advanced analytics leader, with customers in over 100 countries worldwide.
The key advantage of the SDK is that it allows OEMs to easily plug into the LexisNexis® Global Telematics Platform, which offers high levels of data security, advanced analytics for big data and a direct data pipe into the insurance markets’ software infrastructure. Since the SDK uses the same data infrastructure as LexisNexis embedded, connected car solutions, the SDK also enables OEMs to extend certain connected car benefits to owners of legacy, non-connected vehicles in the current fleet.
The SDK enables automotive OEMs to build innovative customer applications across different regions and in different languages, all on the same platform or to improve existing and full-featured customer-facing apps without impacting experience. OEM access to the Global Telematics Platform will also enable customers to benefit through the use of their driving data to secure insurance products.
“From trip scoring, to journey histories and visualization, our highly secure, global platform can ingest driving data from OEMs wherever their vehicles are located in the world - filtering, normalizing and contextualizing the data to provide the backbone of new products and services to support the OEM’s brand experience,” said Rutger Van der Wall, Vice President of Global Products, Insurance, LexisNexis Risk Solutions.
“The SDK removes the complexity and cost OEMs would otherwise face in developing the technical infrastructure needed to help the industry connect to insurance products for the type of consumer services their customers want, based on their driving data. It allows OEMs to focus on design and delivery, product innovation and consumer engagement using driver scoring, journey and route information.”
“Insurance is the second-highest cost in the total cost of ownership for a consumer. If OEMs can help lower the cost of vehicle ownership through usage-based insurance, their sales proposition is strengthened considerably. At the same time, by using real-time data from the car, the analytics capability of OEMs will be enhanced, creating much greater opportunities to engage with customers and build trust and loyalty at a time when consumer mobility needs are shifting.”
Using the LexisNexis Risk Solutions Software Development Kit, Automotive OEMs can:
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 across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.