LexisNexis Vehicle Build makes ADAS data available for
insurer use, allowing customers to benefit from more personalised
motor insurance pricing
DUBLIN, May 18, 2021 /PRNewswire/ -- LexisNexis®
Risk Solutions, a leading data, analytics and technology
provider for the insurance and automotive (OEM)
industries, is working with Mercedes-Benz Connectivity
Services GmbH to help the car maker's customers across Europe benefit from personalised insurance
products and programmes based on their vehicle's advanced driver
assistance systems (ADAS).
The aim of the agreement is to enable Mercedes-Benz customers to
maximise the investment car owners have made in their vehicle's
ADAS, when they shop for insurance, by allowing the insurance
sector to understand exactly how a vehicle is equipped, at the
point of quote.
To this end, when a customer requests a quote for insurance and
agrees to the processing of equipment-related information,
LexisNexis Risk Solutions will check for the presence of ADAS
features related to that specific vehicle via an API provided by
Mercedes-Benz Connectivity Services GmbH so that this insight can
be fed into the insurance market's quoting systems. As data
protection is always given the highest priority by Mercedes-Benz
Connectivity Services and by LexisNexis Risk Solutions, the
organisations have implemented the appropriate mechanisms and
processes to protect the customer's privacy when processing the
vehicle's features' information.
LexisNexis Risk Solutions will normalise and provide the outcome
from the OEM data to insurance providers in a secure and compliant
manner, delivered through its LexisNexis® Vehicle Build
solution.
"The ADAS features included in new cars have been linked to
reducing accidents, and those ADAS options are more frequently
purchased," said Howard Abbey,
Autonomous Car Specialist at SBD Automotive. "However, wide
differences in ADAS naming has made it difficult for consumers and
the industry to correctly equate systems from different OEMs.
This makes it difficult for insurance providers to give the correct
risk reduction savings to owners of vehicles with ADAS."
LexisNexis Vehicle Build harnesses the company's
proprietary ADAS Classification System, which simplifies the myriad
names and capabilities of ADAS from all car makers. The company
aggregates and normalises the data, offering more specific ADAS
data than available by VIN alone. Vehicle Build confirms the
availability of ADAS at a VIN level and has been tested by insurers
across Europe over several
millions of vehicles and claims.
The new agreement underlines the power of advancing vehicle
safety features in delivering more personalised insurance services
to consumers based on vehicle-centric data. According to SBD
Automotive, across Europe, the
average number of ADAS features offered on a given new model
increased from 4.2 in 2017 to 7.1 in 2020. LexisNexis internal
research shows that beyond number of features, the type and
combination of ADAS features can provide greater precision in
managing insurance risk.
Sherezad Rehmann, senior director of European connected car,
LexisNexis Risk Solutions, said: "Mercedes-Benz Connectivity
Services GmbH understands the huge potential vehicle-centric data
holds for more personalised insurance cover, safer driving and to
incentivise investment in ADAS. We know ADAS can reduce claims
frequency and, as we gather more claims data from the insurance
market, that insight can help with pricing and driving further
investment in ADAS development. Mercedes-Benz Connectivity Services
GmbH is a leader in understanding how these insights can benefit
its vehicle owners and is working with us during this pivotal
moment in the evolution of motor insurance using connected car and
vehicle build data."
"We have purposefully and mindfully created a bridge between car
makers and the insurance market, building on our 30-year history in
managing consumer data. Thanks to expertise and direct links with
the insurance sector, consumers will soon be able to shop for
insurance in a whole new and empowering way."
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 https://risk.lexisnexis.co.uk/ and www.relx.com.
Media contacts:
Alison Reeson, Clare Watson, Jane
Lewis at HSL
M: 07876 597466
O: 0208 977 9132
lnrs@harrisonsadler.com
Regina Haas
Senior Director, Communications
Insurance, Coplogic Solutions and Connected Car
LexisNexis Risk Solutions
O: +1.678.694.3569
M: +1.678.896.1463
Regina.Haas@lexisnexisrisk.com
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