In what has been dubbed a “major development for the global telematics market”, LexisNexis Risk Solutions has now opened up access to its global telematics platform.
The idea is that insurers and brokers who are building their own websites, apps or other consumer-facing tech, can plug into the portal with the launch of the first Software Development Kits (SDK) for the usage-based insurance market.
Speaking about the concept, David Lukens, director of telematics and global products – insurance, at LexisNexis Risk Solutions, outlined that insurance providers will be able to go to the market “at a fraction of the cost in a fraction of the time” that would usually be required to build a telematics product from scratch.
“We have opened our platform and data environment to allow insurers, brokers and third-party developers to access our data processing systems in a secure, curated and documented environment and to build their own applications and websites using our platform as the core,” he said.
“Keeping the applications up to date with the numerous software updates released for smartphones of all types is also a greater commitment and investment than many companies are prepared to make. Utilising our SDK allows updates to be made more quickly and more simply.”
According to a release announcing the platform’s opening, the software development kit can help insurers with cost, scale, speed and data consistency as its analytics team normalises data from different sources, including auto manufacturers.
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