LexisNexis Risk Solutions has launched a new solution aimed at helping motor insurance providers gain a comprehensive understanding of the vehicles they insure.
Access to detailed information about vehicles has been a long-standing challenge for insurance providers, especially amidst rising costs. The new LexisNexis Vehicle Insights solution, in conjunction with other vehicle data products like LexisNexis Vehicle Build, aims to resolve this issue by creating a single source for accurate, real-time information on a vehicle’s ADAS fitment, current status, valuation and maintenance history.
Tom Lawrie-Fussey, automotive director for UK and Ireland insurance at LexisNexis Risk Solutions, acknowledged the difficulties faced by insurance providers in conducting comprehensive risk assessments. He attributed these challenges to the diverging trends of ageing cars and the impact of the cost-of-living crisis, as well as the increasing sophistication of safety technology in new vehicles.
“Insurance providers need more detailed and more accurate information on exactly how a vehicle has been used and looked after and the impact on its value,” said Lawrie-Fussey. “Accessing that knowledge up front is not only better for the customer experience, but insurance providers can more accurately predict claims as well as the cost of repair.”
LexisNexis Vehicle Insights offers insurance providers a range of data modules that can be easily integrated into their workflows, ensuring a seamless experience from the initial quote to the final claim. The available modules include:
Lawrie-Fussey further stressed that LexisNexis Vehicle Insights goes beyond basic information like mileage, make, and model.
“Uniquely, we can tell insurance providers more about the potential risk of the owner/driver based on the car’s MOT history,” said Lawrie-Fussey. “We can also confirm accurate valuations in a way that is transparent for the customer to help support a smoother claims experience. Ultimately, when LexisNexis Vehicle Insights is used in combination with LexisNexis Vehicle Build to confirm the presence and performance of ADAS features, the UK insurance market will be in a far more informed position to support their customers based on a comprehensive view of the vehicle.
“By using these complementary products, the market can gain deeper insight on the vehicle as it comes off the production line and for every day of its life from thereon. This development represents a real step change in how the market can stem some of its losses in motor and compete more effectively.”
Details about LexisNexis Vehicle Insights first came to light in February, when LexisNexis invited motor insurance providers to participate in its testing.
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