LexisNexis Risk Solutions launched LexisNexis Telematics OnDemand, a solution that seamlessly integrates telematics-based driving behavior data into insurer rating and underwriting workflows. With consent previously provided, the solution enables U.S. auto insurers to access a consumer’s existing telematics data in near-real time at point of quote in order to more accurately determine a consumer’s driving behavior pattern. Telematics OnDemand allows carriers to offer more personalized pricing to the consumer with the potential opportunity for an immediate discount. It is also offered at renewal for consumers and insurers to continue to benefit from powerful insights provided by telematics-based driving behavior data.
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Telematics OnDemand delivers both a rich library of attributes and world-class telematics risk scores from LexisNexis Risk Solutions. This provides insurers the benefits of adopting telematics-based driving behavior data from the LexisNexis Telematics Exchange, while still retaining the flexibility to innovate and deploy their own telematics risk scores and analytics strategies. Telematics OnDemand is also built with a robust set of features designed to meet the requirements of the Fair Credit Reporting Act (FCRA).
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Telematics OnDemand is built to collect and deliver normalized telematics data from U.S. automakers, mobile apps, as well as third-party services that participate in the LexisNexis Telematics Exchange. Currently, the Exchange includes General Motors, Mitsubishi Motors North America and Nissan North America. When consumers engage with their automaker for connected services, they can take advantage of the option to share their driving behavior data. By consenting to share their telematics data, the consumer may be able to receive discounts on their insurance, participate in safe driving reward programs or tap into other value-added services. Insurance carriers can leverage the driving behavior information with no upfront monitoring period when a consumer first seeks a quote on their auto insurance. Insurers can use this data for risk segmentation, rating and pricing, ultimately to help improve loss ratios, reduce at-fault claims expenses and drive greater customer retention and loyalty.
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