"We live in a time where the ecosystem of telematics data is expanding at a rapid rate," said David Lukens, Director of Telematics, LexisNexis Risk Solutions. "It's increasingly important that insurance companies normalize all data into one consistent data set for UBI to be effective, despite it coming from disparate sources. Nationwide understands that technology will continue to evolve and is using that foresight to guide the development of its SmartRide mobile program."
As the connected car ecosystem evolves, more sources of data to integrate are creating a complex landscape for insurers to navigate. The keynote will explore the issues and opportunities facing insurance companies today, including:
- A view on how connected car insurance will evolve over the next five years and beyond through original equipment manufacturer (OEM) ascendency and new streams encompassing the wider Internet of Things (IoT) ecosystem.
- Keeping up with the evolving landscape of privacy and security with respect to compliance requirements in order to best position new solutions.
- How to overcome data fragmentation by normalizing and enriching data from multiple sources to find the key to a successful UBI program.
"With more connected vehicles and evolving OEM solutions, through our work with LexisNexis Risk Solutions we are able to provide our customers with the most innovative solutions resulting in greater control of their rates," said Larry Thursby, Vice President Property & Preferred Auto Product at Nationwide. "By reporting in a uniform data set through the SmartRide mobile app, we've been able to take the first step in developing a truly source-agnostic rating strategy for the future."
Register with the discount code LEXISNEXIS200 before Sept. 2 to save $200 on a conference pass: http://www.tu-auto.com/connectedcar-insurance-us/register.php.
LexisNexis Risk Solutions
LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries. http://www.lexisnexis.com/risk/
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor's. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
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SOURCE LexisNexis Risk Solutions