LexisNexis Vehicle Insights Delivers True 360˚ View of the Vehicle
LONDON, June 13, 2023 /PRNewswire/ — Rising costsi are putting U.K. motor insurance providers under great pressure to understand more about the specific vehicles they are insuring. Yet to date, granular detail on the ‘metal’ has been difficult to obtain. LexisNexis® Risk Solutions, the data, advanced analytics and technology provider to the U.K. insurance market, is working to resolve that challenge with the launch of LexisNexis® Vehicle Insights. When combined with other unique vehicle data products such as LexisNexis® Vehicle Build, a single source of accurate, real-time information on the vehicle’s ADAS fitment, current status, valuation and maintenance history is created, proving a true 360˚ view of the vehicle.
Tom Lawrie-Fussey, automotive director for U.K. and Ireland insurance, at LexisNexis Risk Solutions said: “A comprehensive assessment of motor insurance risk has been very challenging. This is not least due to the diverging trends of cars getting olderii, and maintenance taking a back seat in the cost-of-living crisisiii, alongside new cars featuring increasingly sophisticated safety technologyiv. Insurance providers need more detailed and more accurate information on exactly how a vehicle has been used and looked after and the impact on its value. Accessing that knowledge up front is not only better for the customer experience, but insurance providers can more accurately predict claims as well as the cost of repair.”
Offering a unique, one-stop shop of data enrichment for the entire U.K. car parc, LexisNexis Vehicle Insights is set to vastly improve risk assessment and enhance the customer experience from quote to claim through a choice of different data modules that insurance providers can easily integrate into their workflows:
Vehicle Passport – Helps improve profitability and the customer experience by combining past vehicle adverts, MOT history and keeper changes, to create a timeline of information to support claims and underwriting teams.
Vehicle Status – Supports insurance providers in creating a smoother customer journey, enabling them to make faster, more accurate decisions across their workflows by providing the current status of the vehicle in real time, including make, model, mileage, age and engine capacity, as well as if it has a valid MOT and road tax.
Behavioural Intelligence – Offers a unique proxy to the risk of the policy holder, based on a true understanding of how the policyholder manages the vehicle and its ongoing requirements.
Vehicle Valuer – Allows insurance providers to price more accurately, improve the application process and support a superior claims experience by delivering current mileage and valuation information for all registered vehicles across the U.K.
Tom Lawrie-Fussey continues: “LexisNexis Vehicle Insights provides a fuller picture of a specific vehicle going well beyond mileage, make and model. For example, uniquely, we can tell insurance providers more about the potential risk of the owner/driver based on the car’s MOT history. We can also confirm accurate valuations in a way that is transparent for the customer to help support a smoother claims experience.
“Ultimately, when LexisNexis Vehicle Insights is used in combination with LexisNexis Vehicle® Build to confirm the presence and performance of ADAS features, the U.K. insurance market will be in a far more informed position to support their customers based on a comprehensive view of the vehicle. By using these complementary products, the market can gain deeper insight on the vehicle as it comes off the production line and for every day of its life from thereon. This development represents a real step change in how the market can stem some of its losses in motor and compete more effectively.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.
Media Contacts:Alison Reeson, Clare Watson, Parm Heer at HSL
0208 977 9132, 07876 597466
lnrs@harrisonsadler.com
Annalysce Baker
Manager, Global Communications
Insurance and Connected Car
LexisNexis Risk Solutions
+1.678.436.1579
Annalysce.Baker@lexisnexisrisk.com
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i https://www.abi.org.uk/news/news-articles/2023/2/rising-cost-pressures-push-up-the-price-of-motor-insurance/ |
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ii https://www.ibisworld.com/uk/bed/average-age-of-motor-vehicles/44067/ |
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iii https://bookmygarage.com/blog/two-thirds-of-drivers-cut-vehicle-usage-cost-of-living/ |
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iv https://www.smmt.co.uk/wp-content/uploads/sites/2/SMMT-Motor-Industry-Facts-APRIL-2023.pdf |
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SOURCE LexisNexis Risk Solutions