ATLANTA — IoT Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Internet-of-Things (IoT) market, today announced that it has selected LexisNexis® Risk Solutions, a leading provider of data and analytics for the insurance and automotive industries, as winner of “Connected Car - Insurance Solution of the Year” award in the 7th annual IoT Breakthrough Awards program, honoring the breakthrough innovation of the LexisNexis® Telematics OnDemand solution.
LexisNexis Telematics OnDemand helps insurers to have more scalable, convenient access to robust, normalized driving behavior attributes for their customers in a source-agnostic platform. The solution assists insurance carriers with the ability to price policies more accurately at their first interaction with a consumer and deliver driving behavior data from participating automakers, including General Motors and Mitsubishi Motors, aftermarket devices and third-party telematics service providers. The driving behavior data is normalized, producing common attributes and scores that can be used throughout the insurance workflow.
When consumers engage with their automaker for connected services, they can take advantage of the option to share their telematics-based driving behavior data. By opting in to share their driving behavior data, the consumers can receive more personalized insurance pricing, participate in safe driving reward programs or tap into other value-added services.
“We’re thrilled to accept this award from IoT Breakthrough. LexisNexis Telematics OnDemand is designed to deliver timely, normalized driving behavior data so that consumers may benefit from their telematics driving behavior data at the point of quote or renewal,” said Adam Hudson, vice president and general manager, U.S. Connected Car, LexisNexis Risk Solutions. “Consumers’ personal driving behavior data is virtually portable, allowing them to take advantage of their good driving habits when shopping with any insurer using our solution. And in turn, insurers can use the latest telematics data to help better price policies which could improve customer loyalty.”
The mission of the IoT Breakthrough Awards program is to recognize the innovators, leaders and visionaries from around the globe in a range of IoT categories, including Industrial and Enterprise IoT, Smart City Technology, Connected Home and Home Automation, Connected Car, and many more. This year’s program attracted more than 4,000 nominations from companies all over the world.
“Driving behavior data, when used in conjunction with traditional rating factors, provides a more accurate way to predict future losses and more appropriately evaluate the risk from the beginning of the relationship. It also helps carriers to streamline workflows and create robust predictive models to better serve customers,” said James Johnson, managing director at IoT Breakthrough. “LexisNexis Telematics OnDemand represents a true technology breakthrough for usage-based insurance by giving consumers shopping for auto insurance the ability to leverage their driving behavior data for more customized pricing and potential discounts as early as point of quote. We extend our sincere congratulations to the LexisNexis Risk Solutions Connected Car team for a well-deserved 2023 IoT Breakthrough Award.”About IoT Breakthrough
Part of the Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the IoT Breakthrough Awards program is devoted to honoring excellence in Internet-of-Things technologies, services, companies and products. The IoT Breakthrough Awards program provides a forum for public recognition around the achievements of IoT companies and products in categories including Connected Home and Home Automation, Connected Car, Industrial IoT (IIoT) and Smart City, Consumer IoT and more. For more information visit IoTBreakthrough.com.
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.