Delivering transformational solutions

With the explosion in connectivity taking place on our roads, the LexisNexis® Telematics Exchange is the answer to the challenge of scaling up the use of vehicle telematics data to better serve customers within their auto insurance experience.

Data sources are different from automotive brand, to vehicle, to device, given the variations of engineering, hardware, and software technology employed. To scale on its own, an insurance carrier would have to design individual scoring methodologies and data ingestion processes to make use of multiple data sources, an investment which can be cost prohibitive. In addition, they would have to consider evolving regulations regarding data collection and use. 

All of these factors contribute to the “many-to-many” challenge.

The LexisNexis® Telematics Exchange helps solve the many-to-many challenge. With the ability to receive and manage data from multiple sources to generate high-quality insights, the Telematics Exchange brings insurers together with Automotive OEMs and other telematics service providers seamlessly, in order to improve the car ownership experience for their shared customer. Telematics data ingested by the exchange is processed, normalized, and made available for usage-based insurance and related solutions.

This source-agnostic platform leverages our decades of experience in data processing and normalization. It is built to accommodate changing telematics technology and it is capable of processing emerging driving datasets, from different telematics systems.

When consumers engage with their automaker or other participating telematics service providers, they can take advantage of the option to share their telematics data. Once opting-in, their data can flow into the exchange where it is normalized and made ready for use in insurance telematics solutions.

Through the LexisNexis Telematics Exchange, LexisNexis Risk Solutions can create insurance solutions that offer consumers greater access to more auto insurance products based on individual needs. Our intelligent driving data solutions can ultimately help reduce the total cost of vehicle ownership for the consumer while helping to improve the customer experience.

By leveraging exchange-based solutions, insurers have the opportunity to more accurately assess risk at point of quote, underwriting, renewal and more, whether or not they have an existing insurer-led usage-based insurance (UBI) program. Insurers can use these new insights collected from real-world driving behavior to enable better pricing. Vehicle telematics data is highly predictive of driving risk and is best used alongside other standard rating variables, such as claims history and credit-based insurance scores.

Automakers and other telematics service providers can better maximize investments in connectivity while enabling a more seamless integration of driving and vehicle data into the auto insurance workflow, making it easier for consumers to access more personalized insurance offerings.

The LexisNexis Telematics Exchange powers our flagship, award-winning solution LexisNexis® Telematics OnDemand, which helps insurers access and use telematics data through a single access point in real-time, at point of quote, underwriting, and renewal, and apply that to better price their premiums. The seamless flow of data enables faster access to potential benefits and contributes to a more transparent relationship between the insurer and the end consumer.

The LexisNexis Telematics Exchange gives insurers more opportunities to service consumers through multi-sourced telematics data, while allowing automakers and other third-party services the opportunity to give their customers more options to benefit from their driving behavior – ultimately, helping to provide a better experience for a shared customer.