2/5/2017
Wunelli, a LexisNexis Risk Solutions company, has enhanced its proprietary road speed database to provide improved scoring accuracy to insurers for rating telematics policies and visual proof of road speed limits in near real-time to support customer communications in cases of excessive speed1. These enhancements will play a key role in helping insurance providers improve confidence in telematics policies and cut their claims costs.
In Government statistics, 11%2 of reported road traffic accidents have speed as a contributory factor, and 23% of these were fatal; however, experts from Wunelli and LexisNexis believe this understates the true picture, as most accidents recorded are due to injudicious action, driver error, distraction, behaviour or inexperience3 and will have inappropriate speed added as a contributing factor to the accident.
The company’s proprietary speed database is one of the UK’s most accurate sources of road types and speed limits, being based on up-to-date road data. Now, through a combination of machine learning visualisation techniques, with triangulation of road-speed data from multiple sources, plus an expanded customer services team accessing a proprietary visualisation tool, Wunelli can provide speed limit information concerning extreme speeding events almost as they happen.
These techniques help tackle the problem of GPS drift in urban centres and complex road-intersections which may affect the speeding data recorded. Furthermore, Wunelli’s ability to collect, validate, analyse and score data from multiple device types (from black boxes to smartphone apps) as well as multiple smartphone models, helps ensure consistency of scoring for rating.
Selim Cavanagh, VP Insurance for LexisNexis Risk Solutions UK says: “We welcome the recent increase in speeding penalties,4 and telematics-based insurance policies can help tackle speeding issues head on. Inappropriate speed affects driver judgement and vehicle control, and when you look at all the main contributory factors for road traffic accidents the vast majority have one or both of these issues in play.
“The ability to more accurately detect speeding as part of the scoring process underpins both the confidence in and future growth of telematics policies to support safer driving. Get it wrong and you risk alienating customers.
“Contacting drivers who have speeded significantly5 over the road speed limit, in a timely manner, with tangible indicators of the event is vital for insurers in order to discourage future speeding behaviour or take action to cancel the policy. Our enhanced processes for verification of speed limit information means customer queries can be resolved more quickly and appropriate action taken.
“These enhancements are critical as we transition telematics from a young driver solution to the mass market where a range of data collection devices will be in play. Motorists want to be priced based on their driving behaviour. Accurate speeding data is fundamental to delivering an accurate score for rating.”
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit. For more information, please visit LexisNexis Risk Solutions and RELX.
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