(Image source: TrueMotion homepage.)
LexisNexis Risk Solutions (Atlanta) and TrueMotion, a Boston-based provider of smartphone usage-based insurance (UBI) technology, have undertaken an alliance aim at providing insurers greater flexibility and consumer-focused UBI programs, according to a joint statement. Through the alliance, TrueMotion joins the LexisNexis Telematics Exchange, which is designed to allow insurance carriers who opt-in to take advantage of data from the industry and OEMs, make better decisions faster, and gain unique insights for competitive advantage, according to the vendors.
“Mobile phones have become an integral part of the consumer experience and we see tremendous potential to leverage complex mobile sensor, location and usage data to make driving safer and reduce distracted driving,” comments Ted Gramer, CEO, TrueMotion. “By combining our solutions with LexisNexis, we look forward to making our roads safer and providing insurers with rich new driver context that enables next generation products.”
“Working with TrueMotion enables us to offer engaging smart phone applications and provide insurers with the advanced data and analytics that are most relevant to them,” comments Ash Hassib, SVP and GM, Auto and Home Insurance, LexisNexis Risk Solutions. “Through this platform, our insurance partners can effectively navigate evolving technology, quickly scale their telematics business, and in the case of TrueMotion, receive normalized data and advanced insights that help develop best practices on engaging consumers in their programs.”
Access to Key Data and Analytic on Drivers
The LexisNexis Telematics Exchange ingests and normalizes telematics data gathered from a variety of data sources, including auto manufacturers (OEMs), 12-Volt, OBDII dongles and smartphone apps like that of TrueMotion. Once this data is compiled and normalized, LexisNexis then scores it using advanced analytics and predictive modeling specific to telematics to provide driving behavior insights for insurers. These capabilities allow insurers to access key data and analytics on drivers, according to the vendor.