(Image credit: Shutterstock.)
LexisNexis Risk Solutions (Atlanta), a data, analytics and technology provider for the insurance industry, has announced the launch of what it calls the first purpose-driven Advanced Driver Assistance Systems (ADAS) and vehicle safety classification system for auto insurance pricing and claims analysis. The new classification system helps insurers break down barriers through access to relevant data and insights from automakers’ ADAS features, according to the vendor. The new system will be used in the soon-to-be released LexisNexis Vehicle Build, a solution that identifies and categorizes specific ADAS equipped features at the VIN-level, enabling insurers to establish the differences in risk profile associated with these features the vendor reports.
Highlights of the new ADAS and vehicle safety classification system include the following, by the vendor’s description:
- Machine learning analysis of 17-digit VIN specific manufacturer data used to create standardization, with car safety features grouped by purpose
- Insights represent first step in insurance rating for the effectiveness of the latest vehicle safety features in reducing collisions and insurance claims
- This classification will play a key role in helping insurers improve pricing segmentation and prepare for increasingly autonomous vehicles
Among new U.S. vehicles, 92.7 percent have at least one ADAS feature available as an option, according to research and consulting firm SBD Automotive (Milton Keynes, U.K.). Other safety feature classification systems may categorize features into just “Active” or “Passive” groups, but the new LexisNexis ADAS classification system, also uses myriad ADAS descriptors used by car manufacturers and groups those features by their specific purpose, the vendor says. “This classification not only provides carriers with an understanding of the purpose of fifty plus ADAS features, but also draws relationships between them that are lost in other classification systems published to date,” a vendor statement asserts.
Tanner Sheehan, Senior Director, Auto Insurance, LexisNexis Risk Solutions.
LexisNexis Risk Solutions reports that it uses machine learning to logically sequence and classify vehicle safety features and components for insurance carriers, enabling insurers to more easily establish differences in the risk profile associated with these ADAS features and incorporate those differences into pricing and claims workflows. The company reports that it has gathered extensive experience in this area, having normalized close to 2 million driving violations descriptions from over a hundred unique data sources into easily ingestible categories, now considered the insurance industry standard.
More Accurate Rating and Improved Customer Experience
“There is a need to normalize or standardize the different features from auto manufacturers and deliver the data seamlessly to insurers for use in their workflows,” comments Tanner Sheehan, Senior Director, Auto Insurance, LexisNexis Risk Solutions. “This challenge is a huge opportunity for us as ADAS features become more advanced with the move toward higher levels of vehicle autonomy and vast volumes of associated data. Over the last few years, we have been developing vehicle-centric solutions to enable insurers to adapt to increasingly sophisticated vehicles. This classification heightens the quality of our products by providing another layer of granularity and it provides insurers with the insights they need for more accurate rating and an improved customer experience.”
Zurich Adopts Driveway Software to Launch Smartphone-based Telematics
FICO and eDriving Release V2.0 of the FICO Safe Driving Score