Insurers to benefit from the combination of Modus innovative tracking systems and LexisNexis telematics data management and advanced analytics for risk management
LexisNexis Risk Solutions and Modus, a leading provider of advanced vehicle tracking systems for insurers, fleet managers and businesses, announced today a new alliance which provides insurers more options in after-market solutions to gather data and apply advanced analytics in developing and managing their UBI programs. Through this alliance, Modus is joining the LexisNexis Telematics Exchange, which will allow insurance carriers who opt in to take advantage of data from the industry and OEMs, make better decisions faster, and gain unique insights for competitive advantage.
“Vehicle telematics have become an integral part of the new wave of usage-based insurance, and it starts with having integrated flexible solutions. We have seen an increased adoption of programs using multiple data collection models simultaneously, including hardware and mobile app. These options provide more tools for driver scoring, consumer-focused value added services, and location data for personal and commercial insurers, allowing for even greater risk insights than ever before. In working with LexisNexis Risk Solutions, together we’re able to provide a deeper level of data granularity and scoring to insurers and better consumer experiences no matter the data collection method,” said Brandon Johnson, CEO, Modus.
“This alliance allows LexisNexis Risk Solutions to leverage core competencies, pairing the experience of Modus with telematics devices, mobile apps, and data, and our industry-leading telematics platform and some of the most the advanced data and analytics that are changing and shaping the industry,” said Ash Hassib, SVP and GM, Auto and Home Insurance, LexisNexis Risk Solutions. “Our insurance customers need to be able to move quickly, properly adapt to evolving technology and optimize their programs and we’re helping them do that with a high-level of service, expertise, and technological innovation.”
Modus offers an innovative, scalable and flexible connected car platform to deliver driver performance data that enables insurers to identify and characterize more accurate risk profiles. The LexisNexis Telematics Exchange ingests and normalizes telematics data gathered from many data sources, including auto manufacturers (OEMs) or after-market devices such as 12-Volt, OBDII dongles and smartphone apps from companies like Modus. Once this data is compiled and normalized, LexisNexis then scores it using advanced analytics and predictive modeling specific to telematics to provide driving behavior insights for insurers. This approach allows insurers to access key data and analytics on the driver, which can help improve pricing and profitability across an insurer’s entire portfolio..
About Modus
Modus is a pioneer in the wireless and vehicle telematics space with a DNA of mobile innovation, great customer experience, affordability and industry leading level of service, support and technological expertise. As one of the first vehicle telematics providers focused on the auto insurance market, Modus saw early success in this space providing telematics solutions to several top insurance carriers. Modus has broadened its offering to all aspects of telematics and leads the industry in providing the most technologically advanced, intuitive, and reliable vehicle telematics solution available. Many of the world’s largest insurers, technology companies and fleet operators rely on Modus to improve their business performance. For more information, please visit www.mod.us.
Source: LexisNexis Press Release
