Telematics OnDemand Solution Awarded in Technology Innovation and Customer Experience Innovation Categories
LexisNexis® Risk Solutions, a leading provider of data, analytics and technology, has announced that its telematics-based, point-of-quote solution for auto insurance carriers – LexisNexis® Telematics OnDemand – received two Insurance Innovator Awards from leading insurance industry publication, PropertyCasualty360. As part of its inaugural program, PropertyCasualty360 received over 180 nominations to determine best-in-class insurance businesses, professionals and solutions.
Awarded best Technology Innovation and Customer Experience Innovation, LexisNexis Telematics OnDemand, a telematics exchange-based solution, shifts the paradigm for usage-based insurance (UBI) by unlocking telematics data at the point of quote, enabling insurers to assess driver risk and to price policies with greater precision in near real-time. Such innovation eliminates the need for UBI trial and monitoring periods and allows insurers to offer faster, more precise and personalized pricing to consumers early in the relationship. Telematics OnDemand delivers scores and attributes that enable carriers to streamline workflows and create more robust predictive models to better segment consumers.
As part of the LexisNexis® Telematics Exchange, Telematics OnDemand makes telematics data truly portable by offering consumers at-the-ready driving data when shopping at any insurer utilizing Telematics OnDemand. When consumers engage with their automaker for connected services, they can take advantage of the option to share their driving behavior data. By opting in to share their telematics-based driving behavior data, the consumer may be able to receive discounts on their insurance, participate in safe driving reward programs or tap into other value-added services.
Visit our Telematics OnDemand page to learn more about this award-winning solution.