Data, advanced analytics, and technology provider LexisNexis Risk Solutions has developed and will soon launch LexisNexis Vehicle Insights, to enable UK motor insurance providers to enhance their risk assessment process and deliver better customer outcomes.
In readiness for a full launch in mid-2023, motor insurance providers in the UK are now being invited to test the new solution.
Vehicle Insights was designed and combined with the portfolio of motor insurance solutions available from LexisNexis Risk Solutions – including LexisNexis Policy Insights, a contributory database containing more than 95% of the motor insurance market policy information, and LexisNexis Vehicle Build, a VIN-level ADAS fitment solution – to provide UK insurance providers access to information that was previously unavailable, enabling them to have a deeper understanding of the insured and the insured vehicle, including its true history and safety features.
“The launch of LexisNexis Vehicle Insights will put key intelligence about the vehicle and the driver at the fingertips of insurance providers, to help them price more effectively, support the customer at claim, and manage risk during the lifetime of the policy,” said Tom Lawrie-Fussey, director of automotive at LexisNexis Risk Solutions, Insurance for UK and Ireland.
Because Vehicle Insights will be made available through the LexisNexis Risk Solutions single point of entry, insurance providers will be able to use insights on the car and the driver at speed within their workflows from the point of quote through to a claim.
The offering comes at a time when the increasing cost of living changes vehicle ownership. Used car values have increased, for some models by 30%, but cars are getting older.
Research has suggested that motorists were scrimping on MOTs and servicing to save money. What’s more, 56% of UK car owners who do not have a service plan in place are considering either missing (33%) or delaying (23%) their vehicle’s annual service to save money due to the significant increase in the cost of living, according to the motor ombudsman.
“This is all part of our mission at LexisNexis Risk Solutions to help solve some of the insurance market’s pain points by uncovering much more detail about the car, the safety and risk implications of emerging technology, and by accelerating how we leverage vehicle data to positively impact policy pricing, renewals, and claims,” Lawrie-Fussey said.
Have any thoughts about this new solution? Share it with us in the comments section below.
