LexisNexis Risk Solutions has announced the availability of LexisNexis Vehicle Build, a solution that will provide accurate underwriting and auto insurance risk assessment and comprehensive information about the specific Advanced Driver Assistance Systems (ADAS) to U.S. insurance carriers, the company announced Thursday.
"Vehicle-centric data is becoming more significant to U.S. insurers as cars continue to offer ADAS and other safety-related packages as add-ons to base models. Consumers who select these upgrades to their vehicles have an expectation that this choice will positively impact their insurance premium," said Tanner Sheehan, associate vice president of Auto Insurance, LexisNexis Risk Solutions.
LexisNexis' solution will enable automakers to continually develop new ADAS features. Automakers will develop a unique marketing name for its features to enable differentiation. LexisNexis Vehicle Build will aggregate more specific manufacturing data than what is currently available at the 17-digit VIN number.
The company's solution will also harness the proprietary LexisNexis ADAS Classification System to integrate machine learning and advanced analytics, then apply the data into existing workflows.
LexisNexis found that ADAS equipped vehicles showed a 27 percent reduction in bodily injury claim frequency and a 19 percent reduction in property damage frequency, but also found that severity for ADAS-equipped vehicles increased only slightly.
The growing prevalence of ADAS features has highlighted the importance for carriers to be able to account for features as they price policies. LexisNexis' insights have proved to be instrumental in evaluating the effectiveness of the latest vehicle safety features.
"By providing a classification of VIN-level insights with our Vehicle Build product, carriers are able to more easily evaluate the evolving vehicle technology and improve pricing segmentation," added Sheehan.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe.
We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. 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 and analytics for professional and business customers across industries.