(1954 MG TF. Photo credit: Ligabo.)
LexisNexis Risk Solutions, a provider of data, analytics and technology for insurance, has launched LexisNexis Vehicle History. The solution offers a more holistic view of a vehicle’s lifecycle by gathering data on previous damage events, ownership changes, odometer readings, and other data points to help insurers make a more accurate risk assessment, according to the vendor.
“Just as financial responsibility is predictive of future behavior, a vehicle’s history can be predictive of future loss,” comments Tanner Sheehan, Senior Director of Auto Insurance, LexisNexis Risk Solutions. “Relying on consumers to fill in the critical, but sometimes non-obvious or unknown, details for their insurer to then assess risk and provide an appropriate premium back to the consumer can be a cumbersome and unreliable proposition.”
LexisNexis Vehicle History provides what the vendor characterizes as a robust and simplified data gathering and delivery process that insurers can incorporate in their existing workflows. The solution draws from a variety of data sources to integrate important vehicle-related attributes into the pricing equation, while maintaining a simple quoting process for the consumer by prefilling information about the vehicle’s history. LexisNexis Risk Solutions insurance customers have access to data and analytics with sub-second turnaround utilizing a single point of entry that eliminates the need for technology resources to implement the product.
Step Toward Understanding a Vehicle’s History
“With the advent of the vehicle technologies like Advanced Driver Assistance Systems [ADAS], there is an even greater need to incorporate vehicle-centric attributes into the insurance policy rating equation,” adds Sheehan. “LexisNexis Vehicle History is an easy step any insurer can take towards understanding the vehicle’s history.”