ATLANTA, GA / IRVINE, CA (February 8, 2024) – LexisNexis® Risk Solutions and Kia America, Inc. (“Kia”) announced they have entered into an agreement making Kia connected vehicle data available to U.S. auto insurers via the LexisNexis® Telematics Exchange.
The LexisNexis Telematics Exchange is a platform that connects insurance companies, automotive manufacturers, and other third-party telematics service providers. It allows them to share and analyze driving behavior data and vehicle insights in order to improve the car ownership experience for consumers. The LexisNexis Telematics Exchange is a relatively new platform, but it has already gained traction in the insurance and automotive industries. As more and more vehicles become connected, the Exchange is likely to play an even greater role in the future of driving. (~Bard, Google).
This partnership provides Kia with access to LexisNexis’s vast data analytics and machine learning capabilities, enabling them to offer more tailored and valuable services to their customers. Kia Connect is an in-car infotainment system that offers connectivity, voice recognition, and other features to drivers, making it an ideal platform for providing personalized driving scores. Kia Connect subscribers can now opt-in to share their driving behavior data. This data will be used to generate personalized driving scores, providing insights into their driving habits.
LexisNexis Risk Solutions and Kia have agreed to integrate driving behavior data and vehicle data from eligible Kia connected vehicles. Moreover, this integration will take place into the LexisNexis Telematics Exchange. The Exchange is a source-agnostic platform for telematics-based driving behavior data and vehicle insights. It has the ability to bring insurance carriers together with automotive manufacturers (OEMs) and other third-party telematics service providers. This collaboration aims to help improve the car ownership experience for their shared consumer. The data from eligible Kia vehicles will be used to create a personalized driving score for participating Kia Connect drivers. Moreover, this score will be accompanied by feedback on factors that impact their score the most, delivered directly via the Kia Access smartphone app.
“With Kia’s strategic relationship, the LexisNexis Telematics Exchange includes automakers representing 46% of new market car sales,” said Adam Hudson, vice president and general manager, U.S. Connected Car and International Markets, LexisNexis Risk Solutions. “The Telematics Exchange enables both drivers and carriers to benefit from the wealth of data available from today’s connected cars. Today’s announcement signifies the value LexisNexis Risk Solutions brings to the insurance and automotive industries. They also deliver market-leading data-powered solutions that ensure a better, more personalized customer experience throughout the insurance lifecycle.”
For Kia drivers, this integration brings myriad benefits. It includes a better understanding of their driving behaviors. Additionally, they gain the ability to take advantage of these behaviors when shopping with an insurer using LexisNexis® Telematics OnDemand at new business and renewal. Meanwhile, insurance carriers gain access to telematics solutions driven by a data-rich exchange. This helps enhance cost-effectiveness and improve segmentation, score quality, and risk assessment accuracy, as well as customer loyalty.
“Working with LexisNexis Risk Solutions allows Kia to continuously improve the customer experience for our drivers,” said Steven Center, COO & EVP, Kia America, Inc. “By joining the LexisNexis Telematics Exchange, Kia is now able to offer data-driven insights to our drivers. Moreover, these insights allow them to better understand their behaviors on the road. Additionally, they benefit from the opportunity for usage-based insurance discounts, for customers who choose to participate. We’re pleased to continually enhance our market offerings. The advantages of the LexisNexis Risk Solutions platform primarily contribute to this.”
LexisNexis Risk Solutions offers exchange-based solutions and advanced analytics. Among there are LexisNexis Telematics OnDemand and its next-generation LexisNexis® Drive Metrics scores. These tools enable insurers to seamlessly leverage driving behavior insights during the insurance shopping process at the point of quote, as well as at underwriting and renewal.
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