New Drive Optics Solutions Suite Provides End-to-End Driving Risk Data and Analytics
Suite of Products Features New DB360 Solution that Aggregates Driver Risk Violation Data and New Vehicle Risk Data for Cutting Edge Pricing, Underwriting and Claims Experience
LexisNexis® Risk Solutions, a leading provider of data, analytics and technology, announced the launch of LexisNexis® Drive Optics, a solutions suite to enhance driving risk insights for insurers. Drive Optics provides end-to-end solutions to seamlessly help insurers improve decision-making accuracy and speed based on knowing more about the vehicle and driver, and uses that knowledge to improve customer experience within their existing workflows. The solutions suite delivers information in three key and growing areas – vehicle risk intelligence, driving risk insights based on violations and near real-time telematics driving data – all of which insurers need to be successful in today’s disruptive market.
Data accuracy and efficient delivery are key factors at the heart of the solutions suite, which are paramount for any business looking to achieve long-term cost control and operational excellence. Drive Optics products rely on historical, current and second-by-second data and include:
- Vehicle-centric solutions, which are increasing in importance for insurers as automakers continue to add safety features to vehicles. These solutions create and maintain a holistic view of a vehicle’s lifecycle with VIN-level build sheet information and lifetime historical events.
- Driving risk solutions based on key violation information enabling insurers to leverage vast driver and violation data resources to holistically identify drivers with adverse driving histories. These solutions can provide violation indicators specific to an insurer’s criteria or threshold, and offer a cost-effective method for ensuring the right premium is aligned to the risk.
- Telematics solutions offering near real-time insight on how a consumer operates a vehicle. These solutions utilize data ingested from several sources including embedded connected-car technology to help consumers improve their driving habits. Insurers can use these solutions to prepare for the future of mobility, leverage an influx of data, address changing driver risk and preferences, and continue to improve the claims experience.
“The best way for carriers to maximize their return on investment is by having a solid understanding of the vehicles they are insuring, how they are currently using driving records, and real-time driving behavior,” said Adam Pichon, vice president and general manager, Auto Insurance at LexisNexis Risk Solutions. “Consumers expect seamless transactions thanks to a highly-digitized environment, and Drive Optics solutions allow the underwriting process to be more streamlined and cost effective, while offering an innovative, futuristic view of risk.”
Among the newest products within the Drive Optics solutions suite, LexisNexis® Driving Behavior 360 (DB360) combines multiple sources of traffic violation data into a single view offering flexibility in decisioning criteria and is one of several simplified driving record solutions to help insurers better manage their book of business. DB360 delivers actionable risk data about a driver in a format that is easy to understand and incorporate into any company’s workflow. LexisNexis Risk Solutions also recently announced its LexisNexis® Vehicle Build solution that will leverage its new Advanced Driver Assistance Systems (ADAS) classification taxonomy to help insurers unlock vital information about the safety-feature technology within customers’ vehicles.
The LexisNexis Drive Optics suite of solutions are all delivered through existing market and product platforms, making access to data insights and advanced analytics seamless and scalable. For more information, please visit the Drive Optics page.