LexisNexis Risk Solutions, provider of data, analytics and technology for insurance has announced the new milestones for its telematics platform, the LexisNexis Telematics Exchange, a device agnostic end-to-end telematics solution to help insurers and auto manufacturers (OEMs) enhance their usage-based insurance (UBI) programs.
The Telematics Exchange platform will be collecting data from the OEMs and other third party data sources in addition to aftermarket devices including the new 12-Volt device and OBDII dongles, black boxes and smartphone apps. The collected data is then cleansed, normalized and filtered to be ingested as part of insurers’ UBI programs. The platform helps insurers maintain UBI program continuity regardless of the data sources used and future technological disruptions.
The platform enables insurers to receive scores through a single point of entry and leverage their existing system integrations with LexisNexis Risk Solutions to offer the same UBI programs and scores regardless of each customer’s data collection preference.
One of the goals of the Telematics Exchange is to allow OEMs to collect and seamlessly integrate vehicle data into insurers’ existing UBI programs through the Telematics Exchange. Another goal of the Telematics Exchange will allow auto manufacturers, to gain insights and tap data analytics capabilities that will enable them to provide value-added products and services Since LexisNexis Risk Solutions has system-to-system connections with many U.S. insurance carriers, engaged OEMs have an actionable opportunity to encourage safe driving and enhance customer ownership experiences.
With one of the largest provider-held insurance telematics databases in the world with associated loss histories, LexisNexis is also able to provide a package of data and analytics solutions to better fit the needs of OEMs, enabling them to gain a deeper understanding of their customers, a faster speed to market for enhanced telematics insurance products and an overall greater ROI.