ATLANTA, June 18, 2020 /PRNewswire/ -- LexisNexis®
Risk Solutions, has announced the availability of LexisNexis®
Vehicle Build, a solution that provides U.S. insurance carriers
more accurate underwriting and auto insurance risk assessment and
comprehensive information about the specific Advanced Driver
Assistance Systems (ADAS) features equipped on a vehicle.
Automakers continually develop new ADAS features – sometimes
releasing multiple within the same model year – and promote their
efficacy in reducing accidents, but these features are often
offered as an optional purchase to the car buyers. In addition,
each automaker creates its own unique marketing name for its
features for the sake of differentiation. This variability in
naming similar features, in combination with the difficulty in
determining whether those features are actually equipped on a given
vehicle, creates a challenge for insurers seeking to properly price
the vehicles they underwrite. To address this challenge, LexisNexis
Vehicle Build aggregates and normalizes even more specific
manufacturing data than what is currently available at the 17-digit
VIN number. The solution harnesses the proprietary LexisNexis ADAS
Classification System, leverages the company's expertise in machine
learning and advanced analytics, and seamlessly integrates the data
into existing workflows, including LexisNexis® Auto Data
Prefill.
LexisNexis Risk Solutions analyzed 11 million randomly selected
U.S. vehicles within model years 2014-2019, and using proprietary
information compared vehicles equipped with a set of core ADAS
features against vehicles without those features. LexisNexis found
that ADAS equipped vehicles showed a 27% reduction in bodily injury
claim frequency and a 19% reduction in property damage frequency,
but also found that severity for ADAS-equipped vehicles increased
only slightly.
"Vehicle-centric data is becoming more significant to U.S.
insurers as cars continue to offer ADAS and other safety-related
packages as add-ons to base models. Consumers who select these
upgrades to their vehicles have an expectation that this choice
will positively impact their insurance premium," said Tanner Sheehan, Associate Vice President of Auto
Insurance, LexisNexis Risk Solutions. "By providing a
classification of VIN-level insights with our Vehicle Build
product, carriers are able to more easily evaluate the evolving
vehicle technology and improve pricing segmentation."
According to a recent report by the Highway Loss Data Institute
(HLDI), the projected number of vehicles equipped on the road by
2023 with front crash prevention will equate to a little more than
30% and approximately 24% for automatic emergency braking (AEB).
LexisNexis internal analysis shows 76% of 2019 models had at least
one core ADAS feature, which is up significantly compared to 18% in
2014 models. The growing prevalence of ADAS features underscores
the importance for carriers to be able to account for features as
they price policies. Having these insights is also proving
instrumental in evaluating the effectiveness of the latest vehicle
safety features in reducing collisions and insurance claims.
As cars continue to evolve with more complicated systems,
connected car data will provide additional insights into the
efficacy of ADAS-equipped cars, and with it relationships in the
automotive OEM space, LexisNexis Risk Solutions is best positioned
to leverage such data. This may include data insights into
frequency of use, activation and deactivation instances and more.
Today, LexisNexis Vehicle Build helps insurers:
- Gain valuable insights into vehicle-centric risk for more
precise rating;
- Easily understand the definition and purpose of any given ADAS
feature and how it specifically impacts driving safety;
- Save time through the convenience of single-source access and
standardized, normalized data, regardless of automaker or
model;
- Enhance underwriting and improve the customer experience
through more efficient and informed decision-making; and
- Reduce workflow disruption through seamless integration into
existing LexisNexis solutions.
For more information on LexisNexis auto insurance and connected
car solutions, including an upcoming vehicle history enhancement,
visit LexisNexis Auto Insurance.
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 and analytics for professional and business
customers across industries. For more information, please
visit www.risk.lexisnexis.com and www.relx.com.
Media Contacts:
Mollie Holman
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
mholman@brodeur.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/lexisnexis-risk-solutions-launches-vehicle-build-product-to-offer-us-insurers-much-needed-adas-details-for-better-premium-evaluation-and-pricing-segmentation-301079419.html
SOURCE LexisNexis Risk Solutions