LexisNexis Risk Solutions Develops Proprietary System to Interpret Vehicle Safety Features for Insurance Industry
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- LexisNexis Vehicle-Centric Solutions to Include First of its Kind Classification to Help Insurers Better Understand Features, Functions and Relationships Between Existing ADAS
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LexisNexis(R) Risk Solutions, the leading data, analytics and technology provider for the insurance industry, has created 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. It will be leveraged in the soon-to-be released LexisNexis(R) 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.
Highlights:
* 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
"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," said
A global team of experts at
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