ATLANTA, Sept. 5, 2019 /PRNewswire/ -- LexisNexis®
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® 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 U.S. vehicles, 92.7% have at least one ADAS feature
available as an option, according to SBD Automotive. Other
safety feature classification systems may categorize features into
just 'Active' or 'Passive' groups, but the new LexisNexis ADAS
classification system, also uses myriad ADAS descriptors used by
car manufacturers and groups those features by their specific
purpose. This classification not only provides carriers with an
understanding of the purpose of fifty plus ADAS features, but also
draws relationships between them that are lost in other
classification systems published to date.
LexisNexis Risk Solutions uses machine learning to logically
sequence and classify vehicle safety features and components for
insurance carriers, enabling insurers to more easily establish
differences in the risk profile associated with these ADAS features
and incorporate those differences into pricing and claims
workflows. The company has extensive experience in this area,
having normalized close to 2 million driving violations
descriptions from over a hundred unique data sources into
easily ingestible categories, now considered the insurance industry
standard.
"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 Tanner Sheehan, Senior Director, Auto Insurance,
LexisNexis Risk Solutions. "This challenge is a huge opportunity
for us as ADAS features become more advanced with the move toward
higher levels of vehicle autonomy and vast volumes of associated
data. Over the last few years, we have been developing
vehicle-centric solutions to enable insurers to adapt to
increasingly sophisticated vehicles. This classification heightens
the quality of our products by providing another layer of
granularity and it provides insurers with the insights they need
for more accurate rating and an improved customer
experience."
A global team of experts at LexisNexis Risk Solutions developed
this proprietary classification for the benefit of insurers. U.S.
insurers can request additional information on the LexisNexis Risk
Solutions Vehicle Build ADAS classification system today.
LexisNexis will be launching this classification system for
European insurers soon.
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 and analytics for professional and business
customers across industries. For more information, please visit
www.risk.lexisnexis.com, and www.relx.com.
Media contacts:
Regina Haas
Sr Director, Global Media and Analyst Relations
Insurance, Connected Car and Coplogic Solutions
LexisNexis Risk Solutions
O: +1.678.694.3569
M: +1.678.896.1463
Regina.Haas@lexisnexisrisk.com
A 2017 study by LexisNexis Risk Solutions found that most car
buyers don't seek out advanced safety and connectivity features in
new cars, however 76 percent of connected car owners are pleased
when they discover the benefits of having and using them in their
vehicles, and that safety is a motivation for using them.
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SOURCE LexisNexis Risk Solutions