LONDON — Demonstrating that the appetite for vehicle-centric data from UK motor insurance providers is accelerating, LexisNexis® Risk Solutions has secured a new contract with Sabre Insurance, among the most successful car insurers in the U.K., to deliver data on the presence and performance of Advanced Driver Assistance Systems (ADAS) at the point of quote, through LexisNexis® Vehicle Build.
Using LexisNexis Vehicle Build, Sabre can price personal and commercial motor customers, factoring for the specific safety features fitted to an individual vehicle and how those features work together to support a reduction in claims frequency. Uniquely, LexisNexis Vehicle Build is a solution that identifies ADAS at a Vehicle Identification Number (VIN) level. This level of granularity enables insurers to see the standard fitment of safety technology and, also, the optional ADAS selected at purchase.
Close to 3 million vehicles have been analysed to date as part of the product development of LexisNexis® Vehicle Build, an industry leading ADAS solution developed to help motor insurance providers factor for the increasing penetration of ADAS equipped cars in the U.K. and Europe[iii] and a corresponding reduction in claims frequency[iv]. The insights offered by LexisNexis Vehicle Build can help to improve loss and expense ratios and support more competitive pricing.
Matt Wright of Sabre said: “The valuable insight we will gain on vehicle risk through LexisNexis Vehicle Build can help us deliver more personalised and accurate quotes to customers and help keep Sabre at the forefront of pricing sophistication in both our personal motor and commercial motor books of business. Knowing both the standard and the selected optional fitment gives us a full picture of all the ADAS on a vehicle, how those features behave and the combinations of ADAS that work together to help mitigate risk. This intelligence will support greater risk segmentation. We are excited to begin using LexisNexis Vehicle Build to support policy pricing through our broker partners and through our direct brands.”
Carla McDonald, senior vertical market manager, LexisNexis Risk Solutions U.K. & Ireland said: “We are delighted to expand our relationship with Sabre Insurance. Motor insurance providers are hungry for more information about the vehicle to help support fair and competitive pricing. LexisNexis Vehicle Build brings a new and powerful layer of insight, helping to build a clearer picture of risk based on how the vehicle is equipped and how those ADAS functions work collectively to reduce claims in the real world. This relationship provides further evidence of the power of this new vehicle centric data to the insurance market.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. 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 and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.