LexisNexis Risk Solutions, a leading provider of data, analytics and technology for insurance, announced the launch of LexisNexis® Vehicle History.This 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.
“Just as financial responsibility is predictive of future behavior, a vehicle’s history can be predictive of future loss,” said 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 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.
“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,” said Sheehan. “LexisNexis Vehicle History is an easy step any insurer can take towards understanding the vehicle’s history.”