Data Leader Brings Speed, Automation, Consistency to
Industry's Integral Motor Risk Assessment and Rating
Data
LONDON, March 5, 2024 /PRNewswire/ -- In a major
development for the U.K. insurance industry, LexisNexis® Risk
Solutions, the data, advanced analytics and technology provider,
has secured an exclusive strategic relationship with Thatcham
Research, in the first contract of its kind with the insurer-funded
automotive risk intelligence company. The strategic relationship is
set to transform the accessibility, consistency and analytical
power of Thatcham Vehicle Risk Data (VRD)i which is
used to assign an industry-standard ABI Code and Group Rating score
to vehicles. The VRD is integral to how insurers assess and rate
risk for all wheels-based insurance products.
The news comes as the Association of British Insurers, in close
collaboration with Thatcham Research, has released its motor
insurance affordability roadmapii. This includes
recommendations to increase visibility of the Group Rating system,
which would help consumers make more informed choices on their
motor insurance based on the vehicle they choose. This
collaboration will help support these actions and recommendations,
making it easier for insurance providers to be transparent with
customers over vehicle ratings as car safety technology
evolves.
- The first element of the agreement focuses on streamlining
and automating access to the VRD. LexisNexis Risk Solutions has
the widest data distribution network into the U.K. insurance
sector, streamlining data directly into insurers, brokers, managing
general agents (MGAs), insurtechs, software houses and third-party
data providers, to support billions of insurance quotes per month.
LexisNexis Risk Solutions will become the sole distributor of
Thatcham VRD to the U.K. and ROI insurance market.
Leveraging this unique network, insurance providers, including
insurers, brokers, MGAs, insurtechs and software houses, will be
able to access Thatcham VRD in real time for the first time,
alongside additional public, third party and proprietary data
sources, as part of a streamlined risk assessment and decisioning
process, via the LexisNexis® Informed Quotes platform.
- The second element of the agreement focuses on consistent
matching of Thatcham VRD to vehicle registrations. As part of
the strategic relationship with Thatcham Research, LexisNexis Risk
Solutions will use its extensive linking and data normalisation
expertise to match vehicles to Thatcham VRD (incorporating the
Group Rating, Variant Code and ABI Code datasets). This will create
greater consistency for insurance providers by delivering more
granular data to support the identification of risk-affecting
vehicle features in the quoting process regardless of the quoting
platform.
- The third element of the agreement will focus on uncovering
new, predictive vehicle intelligence. Leveraging its long track
record of building new and innovative vehicle data products,
LexisNexis Risk Solutions will collaborate with Thatcham Research
in exploring the possibility to unlock significant intelligence on
vehicles that does not exist today.
James Burton, managing director,
U.K. and Ireland insurance,
LexisNexis Risk Solutions, said: "We pride ourselves on being
experts in insurance, and our vehicle strategy is both consistent
with and complementary to the Thatcham Research vision. This
strategy makes LexisNexis Risk Solutions well-placed to unlock the
potential in the Thatcham VRD product, creating transformational
insights for motor insurance providers. As an organisation, we are
passionate, driven by the opportunity to help Thatcham Research
customers, our customers and our shared customers realise the
benefits of this relationship as they look to improve
profitability, operational efficiency, reduce claims costs and
improve the customer experience."
Jonathan Hewett, chief executive
of Thatcham Research, said: "This exclusive relationship with
LexisNexis Risk Solutions will allow Thatcham Research to focus
efforts on research, testing and training, knowing that the
insights we offer that are essential to how insurance providers
derive premiums and assess risk will be managed by a trusted
partner to the industry. We are pleased to be able to offer
insurance providers greater access to vital data which may not have
been accessible previously. The combination of Thatcham Research
and LexisNexis Risk Solutions assets and intelligence is
compelling, providing an exciting roadmap for new services and
insights that will improve the overall motor insurance customer
experience."
Visit our website to learn more about the strategic partnership
between LexisNexis Risk Solutions and Thatcham Research.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data,
sophisticated analytics platforms and technology solutions to
provide insights that help businesses across multiple industries
and governmental entities reduce risk and improve decisions to
benefit people around the globe. 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 analytics and decision tools
for professional and business customers. For more information,
please visit
www.risk.lexisnexis.com and www.relx.com.
About Thatcham Research
Thatcham Research is the automotive risk intelligence company
dedicated to understanding the opportunities and risks of new
vehicle technology and supporting our partners in identifying the
best strategies for its safe, secure, and sustainable adoption.
The independent voice of automotive safety, security, and
repair, we work in close partnership with insurers, vehicle
manufacturers, technology providers and government, providing
rigorous engineering-grade research and data to help minimise
uncertainty presented by changes in technology and regulation.
For more information about our work, visit www.thatcham.org.
Media Contacts:
Alison
Reeson or Matthew Enderby at
HSL for LexisNexis Risk Solutions
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
Tom Flisher, Stewart Mitchell or Max
Norstrom for Thatcham Research
07876 755 615
Media@thatcham.org
i Thatcham Research Vehicle Risk Data is a live
and extensive, industry-standard dataset that contains key
information about insurable cars, LCVs and
motorcycles. Thatcham Research is solely responsible for
maintaining this dataset with each vehicle containing more than 100
individual data points.
Using data exclusively supplied by vehicle manufacturers and
checked by Thatcham Research's expert data team, each vehicle is
assigned a unique eight-digit ABI identification code. This
translates into a standardised description of the vehicle that is
used by the entire insurance industry.
Directly sourced data is also used to generate a Group Rating
score for every vehicle. Ranging between 1 and 50 for cars and 21
to 50 for LCVs, scores indicate the level of insurance risk
associated with the vehicle.
ii
https://www.abi.org.uk/globalassets/files/subject/public/motor/2024/motor-insurance-affordability-roadmap.pdf
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