As more cars become connected, car data is increasingly becomingattractive for insurers to leverage as part of their usage-based insurance (UBI) program.
|LexisNexis RiskSolutions, an Atlanta-based provider of data, analytics andtechnology for insurance, today announced a relationship withMitsubishi Motors Corporation to become the first automanufacturer to connect its vehicles directly to the LexisNexisTelematics Exchange.
|Seamless integration
The goal of the concept is to design seamless usage-basedinsurance (UBI) solutions for Mitsubishi automobile ownersand drivers in the United States. A vehicle equipped with thistechnology, coupled with the Mitsubishi telematics app, will automatically integratethe driving behavior data enabled and collected through theconnected technology of Mitsubishi vehicles into the LexisNexisTelematics Exchange to automate and expedite the reportingprocess.
|The LexisNexis Telematics Exchange is device-agnostic— it collects, processes and scores telematicsdata from many sources, including auto manufacturers, OBDIIdevices, 12 volt devices and smartphone apps.
|'Make data more efficient for insurers toutilize'
Insurers are able to leverage their existing systemsintegrations with LexisNexis Risk Solutions to utilize normalizedUBI data into their internal processes. This enables insurers tooffer the same UBI program and score across many different datacollection devices to fit various consumer preferences.
|Insurance carriers will be able to help save customers money,while offering a better customer experience throughout the policylifecycle, according to LexisNexis.
|"Our recent studies show that drivers want pay-as-you-driveinsurance policies, but only a quarter are being offered theseprograms by their insurers," said Ash Hassib, senior vice presidentand general manager, Auto and Home Insurance, LexisNexis RiskSolutions. "So the demand is here, and through our partnership withMitsubishi, we're able to make UBI options more accessible forconsumers and the data more efficient for insurers to utilize."
|Related:
|8 ways telematics will shape insuranceagencies in 2017
|7 ways auto technology is impacting insurancecoverage
|5 reasons to embrace telematics for theconnected car: What insurers need to know
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
