LexisNexis Risk Solutions Expands Vehicle History Attributes for Rating and Underwriting to Include Mileage from Connected Vehicles
LexisNexis® Risk Solutions, a leading provider of data, analytics and technology for insurance, announced the inclusion of mileage information from connected vehicles in its LexisNexis® Vehicle History solution. The enhancement enables U.S. auto insurers to use connected mileage data for insurance quotes, at policy renewal to confirm miles driven, and on an ongoing basis to support mileage monitoring programs.
Where traditional mileage information has been infrequently available based on varying collection methods, LexisNexis Risk Solutions now receives odometer data directly from connected vehicles and delivers it seamlessly into an insurer’s workflow. The addition supplements accident information, branded title designations and other historical vehicle usage data currently delivered through the Vehicle History solution to provide an expanded set of vehicle-related attributes for insurers to consider as they strive to increase rating accuracy. In the future, this data can benefit claims adjusters seeking up-to-date odometer readings for purposes of estimating total loss payments.
“Annual mileage has long been a sought-after data point, but now these insights have even more relevance as driving patterns have changed due to the COVID-19 pandemic and drivers have adapted to working from home,” said Liz Rozier, director of auto insurance, LexisNexis Risk Solutions. “As pay-per-mile policies increase in popularity, it is important that insurers meet the needs of their customers with regular and more accurate odometer readings to track miles driven on an ongoing basis.”
According to the LexisNexis Risk Solutions Auto Trends Report, the number of connected vehicles on the road is rising rapidly and is expected to triple by 2023. As more connected vehicle information and mileage readings become available, LexisNexis Risk Solutions will remain a centralized, single point for insurers to gain access to data from various automakers.
The new mileage data from LexisNexis Vehicle History can be delivered via LexisNexis® Auto Data Prefill, which provides more reliable, up-to-date driver, vehicle and policy information for 89% of the insurance auto market. LexisNexis Risk Solutions also works with insurers on their usage-based insurance (UBI) programs leveraging the LexisNexis Telematics App, which collects driving behavior data including mileage information. These programs allow insurers to connect with policyholders about potential discounts and other benefits linked to driving behavior.
“It’s important to us that our solutions work effectively with and evolve with the needs of carriers,” said Rozier. “As connected vehicles change the game, we are finding new ways to leverage and share the data collected.”
For more information on LexisNexis Vehicle History, click here.
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.
LexisNexis Risk Solutions