ATLANTA, June 1, 2017 /PRNewswire/ -- LexisNexis Risk Solutions, a leading provider of data, analytics and technology for insurance, today announced a relationship with Mitsubishi Motors Corporation (MMC) to become the first auto manufacturer to connect its vehicles directly to the LexisNexis® Telematics Exchange. The goal of the proof of concept is to design seamless usage-based insurance (UBI) solutions for Mitsubishi automobile owners and drivers. A vehicle equipped with this technology in its head unit coupled with the Mitsubishi telematics app will automatically integrate the driving behavior data enabled and collected through the connected technology of Mitsubishi vehicles into the LexisNexis Telematics Exchange to automate and expedite the reporting process.
The collection of data through integration into the LexisNexis Telematics Exchange will provide Mitsubishi with powerful data analytics capabilities. This will enable Mitsubishi Motors to add even more value to its products and services by promoting safer driving through owner awareness of driving habits and enhancing customer ownership experience by allowing its owners to enroll and easily participate in UBI to potentially help lower their insurance premiums, which further reduces the cost of vehicle ownership.
"Smartphones have transitioned from just being communication and entertainment devices to becoming resources for critical information," said Shingaku Kochi, Manager, Connected Information Business Department, Mitsubishi Motors Corporation. "At Mitsubishi Motors we are looking for ways to tap into this evolving technology to give our owners more insight into their driving experience."
As more cars become connected, car data is increasingly becoming attractive for insurers to leverage as part of their UBI program. This will enable insurance carriers to help save customers money, while offering a better customer experience throughout the policy lifecycle.
The LexisNexis Telematics Exchange is device-agnostic. It collects, processes and scores telematics data from many sources, including auto manufacturers, OBDII devices, 12 volt devices and smartphone apps. LexisNexis Risk Solutions began creating its device-agnostic telematics solutions in 2007 and built its telematics platform as a way for insurers, auto manufacturers and drivers to benefit from the evolution of UBI. Insurers are able to leverage their existing systems integrations with LexisNexis Risk Solutions to utilize normalized UBI data into their internal processes. This enables insurers to offer the same UBI program and score across many different data collection devices to fit various consumer preferences.
"Our recent studies show that drivers want pay-as-you-drive insurance policies, but only a quarter are being offered these programs by their insurers," said Ash Hassib, Senior Vice President and General Manager, Auto and Home Insurance, LexisNexis Risk Solutions. "So the demand is here, and through our partnership with Mitsubishi, we're able to make UBI options more accessible for consumers and the data more efficient for insurers to utilize."
About LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With more than 40 years of expertise, we are a trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding high standards for security and privacy. Headquartered in metro Atlanta, USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexis.com/risk.
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