Vehicle Build from LexisNexis Risk Solutions to Give UK Insurance Providers Vehicle Safety Data Insights
UK Motor Insurance Providers To Start Testing Vehicle Safety Data for Pricing
To date, it has been a challenge for insurers to identify exactly what ADAS features a specific vehicle is equipped with when writing a motor insurance policy. This is because each car manufacturer has created their own unique terminology, definitions and naming structures – sometimes releasing multiple features within the same model year. In addition, many items are chosen as optional extras when a vehicle is purchased from new.
To address this challenge, data scientists at
This classification system provides the foundation for LexisNexis Vehicle Build. Access to vehicle safety data will help insurance providers factor for their presence throughout the customer journey - in pricing, mid-term adjustments and renewals - and establish the differences in risk profile associated with the vehicles that have these safety features.
LexisNexis Vehicle Build will help insurers understand how specific safety features behave, for example if a feature will provide an alert or warning to the vehicle's driver when a potential danger or hazard is detected. It will also allow insurers to understand the purpose of features.
The solution, available later this year, will provide insurers with access to ADAS features at a VIN level, currently present on approximately 70% of new passenger vehicles in the
SMMT research shows 7 in 10ii new cars in the
UKhave driver assistance systems and over half have adaptive cruise control
- Vehicle Build has been created using machine learning analysis of 17-digit specific manufacturer data used to create standardisation, with car safety features grouped by purpose
- Vehicle Build provides Definitions, Behaviour, Purpose of any given ADAS feature and how it specifically impacts driving safety;
- Convenient access to standardised, normalised data, regardless of car manufacturer or model for use within insurers' existing workflows;
- Insights represent first step in insurance rating for the effectiveness of the latest vehicle safety features in reducing collisions and insurance claims
- Development will play a key role in helping insurers reward drivers for their investment in car safety features
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
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Insurance, Connected Car and Coplogic Solutions
LexisNexis Risk Solutions
[i] Advanced driver-assistance systems, are electronic systems that help the vehicle driver while driving or during parking to support safety.