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UK insurance providers to benefit from new vehicle safety insights

UK insurance providers to benefit from new vehicle safety insights | Insurance Business

UK insurance providers to benefit from new vehicle safety insights

Motor insurers across the UK have been invited to test a new solution meant to provide a host of new vehicle safety data insights.

LexisNexis Risk Solutions had launched Vehicle Build, which is meant to better evaluate specific Advanced Driver Assistance Systems (ADAS) and help support better underwriting and pricing. According to the tech and data firm, it has been a challenge for some insurers to identify what ADAS a vehicle is fitted with when writing policies, with manufacturers creating their own terminology and definitions. Indeed, many items are also chosen as optional extras. As such, its data scientists have created a system that uses machine learning to scan millions of lines of vehicle data to classify safety features and their intended purposes.

It’s this science that forms the basis of LexisNexis Vehicle Build, and senior vertical market manager Carla Hopkins believes it will prove hugely advantageous to insurers.

“Car manufacturers continually develop and deploy new ADAS features and promote their efficacy in reducing accidents,” she said. “We therefore want to give the insurance industry the confidence to price or create products with a new level of vehicle build information to reflect the increasing penetration of ADAS in the UK car parc. We have invested significantly, gathering and normalising ADAS data, looking at it through an underwriting lens, to give the industry new vehicle-centric insights for pricing and underwriting.”

The solution will be made widely available later this year.