Mitsubishi is to become the first auto manufacturer to connect its vehicles directly to the LexisNexis Telematics Exchange. The goal of the proof of concept is to design seamless usage-based insurance (UBI) solutions for Mitsubishi automobile owners and drivers.
A vehicle equipped with this technology in its head unit coupled with the Mitsubishi telematics app will automatically integrate the driving behavior data enabled and collected through the connected technology of Mitsubishi vehicles into the LexisNexis Telematics Exchange to automate and expedite the reporting process.
Along with providing Mitsubishi with powerful data analytics capabilities this will enable it to add even more value to its products and services by promoting safer driving through owner awareness of driving habits and enhancing customer ownership experience by allowing its owners to enroll and easily participate in UBI to potentially help lower their insurance premiums, which further reduces the cost of vehicle ownership.
The LexisNexis Telematics Exchange collects, processes and scores telematics data from many sources, including auto manufacturers, OBDII devices, 12 volt devices and smartphone apps as it is device agnostic.
As more cars become connected, car data is increasingly becoming attractive for insurers to leverage as part of their UBI program. This will enable insurance carriers to help save customers money, while offering a better customer experience throughout the policy lifecycle.