Strategic agreement enables IMS’ insurer customers to use a single score regardless of the data coming from their own app program or exchange solutions
LexisNexis Risk Solutions and IMS collaborate to offer IMS customers consistent driving scoring at point of quote and for ongoing driver monitoring
Atlanta, GA (Oct. 30, 2023) – LexisNexis® Risk Solutions, a leading provider of data and analytics for the insurance and automotive industries, and IMS (Insurance & Mobility Solutions), a leading global vehicle and driving data business, are pleased to announce that they have entered into an agreement for IMS to leverage the LexisNexis® Drive Metrics scoring model. Whether data is from the IMS DriveSync® platform or from LexisNexis® Telematics OnDemand, insurers using both solutions can leverage the benefit of a single, consistent driving score to benefit consumers.
Insurers can now leverage the Drive Metrics scoring model from the IMS One App product suite in addition to the existing LexisNexis Risk Solutions point-of-quote channel, LexisNexis® Telematics OnDemand. This approach offers a consistent scoring process for a broad range of insurers looking to continue to improve their usage-based insurance offerings through advancement of their own app-based programs, as well as integration of external exchange-based solutions to meet the needs and desires of consumers.
The Drive Metrics scoring model is compatible with carrier-specific rating plans and delivers a 79% additional lift above standard rating factors, with the potential to increase future performance of the model even further as additional driving behavior attributes are included. The separation power of this scoring model is also very high with an 8.7x lift between top and bottom deciles in terms of claim frequency and it performs strongly across coverage types to offer differentiated claim relativities and discounts, as appropriate.
“This agreement makes it possible for our current and future customers to minimize the headaches of managing the scoring of their app-based telematics data separate from their use of LexisNexis Telematics OnDemand,” said David Lukens, SVP North America at IMS. “IMS enables more than 350 insurance and mobility customers globally with usage-based programs. The company’s award-winning One App mobile telematics and IMS DriveSync platform provide ongoing driver behavior modification, distracted driver monitoring, tailored rewards and retention programs, along with crash detection and automated claims processes.”
“We’ve established the use of the Drive Metrics model and scored telematics data through Telematics OnDemand as a source via the LexisNexis Telematics Exchange for insurers to incorporate directly into their workflows at point of quote as well as renewal,” Adam Hudson, vice president and general manager, U.S. Connected Car and International Markets, LexisNexis Risk Solutions. “We know customers are open to telematics programs today and we look forward to working with IMS to help insurers meet their usage-based insurance objectives while helping to simplify their solution delivery.”
IMS (Insurance & Mobility Solutions) is a vehicle and driving data business, delivering enterprise solutions to global insurers, mobility operators and governments. The IMS DriveSync platform provides the capability for customers to improve their approach to pricing, customer engagement, risk management and claims handling by leveraging telematics data from any source – smartphone apps, aftermarket hardware and OEM embedded units. The company, with offices across the UK, Europe, and North America, has analyzed over 15 billion driving miles and its algorithms are fed by trillions of data points each day. For more information, visit www.ims.tech.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses 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 www.risk.lexisnexis.com.
SOURCE: LexisNexis Risk SolutionsTags: connected cars & vehicles, Insurance & Mobility Solutions (IMS), LexisNexis Risk Solutions, partnership, Telematics