11/08/2024
ATLANTA — LexisNexis® Risk Solutions, a leading data and analytics company for insurance, announces that the LexisNexis® C.L.U.E.® Auto Damage 360 solution was awarded Best Data Tool 2024 as part of the annual SIIA CODiE Awards. The distinguished CODiE Awards recognize the companies producing the most innovative business technology products across the country and worldwide.
LexisNexis C.L.U.E. Auto Damage 360 is a comprehensive tool designed to help consumers get a more accurate auto insurance quote by providing additional accident and damage information to insurance carriers. LexisNexis C.L.U.E. Auto Damage 360 helps identify any reported or unreported damage or accidents associated with both the owner and the vehicle they are quoting. Insurance carriers benefit from a more robust claims history database that goes beyond reported damage or accidents by vehicle or individual drivers. This helps allow carriers to better assess their risk, segment more consumers and improve the underwriting process when claims costs have skyrocketed across the country and risky driving habits equally increased1.
LexisNexis C.L.U.E. Auto Damage 360 delivers a more complete picture of accident activity so that carriers can make more informed rating and underwriting decisions. By empowering insurers with damage history and accident data from police records and vehicle history data, LexisNexis C.L.U.E. Auto Damage 360 represents a 12% lift in event data associated with the subject, and 25% more events associated with the vehicle beyond what is found solely with claims2.
LexisNexis Risk Solutions internal analysis found the incremental subject-level police records from collision, property damage and bodily injury coverages have a similar impact to future claim frequency as compared to LexisNexis C.L.U.E. Auto subject claims. What this means is a police record has a similar level of predictability as a claim.
“We are proud to receive our second consecutive CODiE award and be recognized for our dedication and innovation within the auto insurance sector,” said Liz Jones, director, auto insurance, LexisNexis Risk Solutions. “LexisNexis C.L.U.E. Auto Damage 360 represents our commitment to help the industry provide more accurate quotes to consumers through continuous innovation, and at the same time help ensure that consumers aren’t covering for the risks of others.”
In 2023, LexisNexis® Insurance Market Insights was chosen as the best Big Data Reporting and Analytics Solution by the CODiE Awards.
“The 2024 Business Technology CODiE Award Winners maintain the vital legacy of the CODiEs in spotlighting the best and most impactful apps, services and products serving the business tech market,” said SIIA President Chris Mohr. “We are so proud to recognize this year’s honorees – the best of the best! Congratulations to all of this year’s CODiE Award winners!”
The Software & Information Industry Association (SIIA), the principal trade association for the software and digital content industries, announced the full slate of CODiE winners during a virtual Winner Celebration. Awards were given for products and services deployed specifically for education and learning professionals, including the top honor of the Best Overall Business Technology Solution.
A SIIA CODiE Award win is a prestigious honor, following rigorous reviews by expert judges whose evaluations determined the finalists. SIIA members then vote on the finalist products, and the scores from both rounds are tabulated to select the winners.
Details about the winning products can be found at https://siia.net/codie/.
About the CODiE Awards
Since 1986, thousands of products, services and solutions have been recognized for achieving excellence. The CODiEs are different from other tech awards. It is not a participation Award, it is earned. Our unique Expert Review process provides tremendous value for each Nominee. Each nomination receives a detailed review, pursuant to category-specific criteria, by two expert Judges with a live demo that provides real-time Q&A and comments during the first round. Finalists’ products receive a second round and Peer review by industry leaders. Thus, even for nominees that don’t win, they get valuable feedback on possible areas of product improvement.
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.
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