Product to Offer U.S. Insurers Much-Needed ADAS Details for Better Premium Evaluation and Pricing Segmentation
Leading Insurance Data and Advanced Analytics Provider Helps U.S. Insurers Understand ADAS Features and their Impacts on Driving Safety
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 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.