Introducing LexisNexis® Vehicle Build
LexisNexis® Risk Solutions has announced the availability of LexisNexis® Vehicle Build that provides US insurance carriers with more accurate underwriting and auto insurance risk assessment and comprehensive information about the specific Advanced Driver Assistance Systems (ADAS) features equipped on a vehicle.
LexisNexis Vehicle Build aggregates and normalizes even more specific manufacturing data than what is currently available at the 17-digit VIN number. The solution harnesses the proprietary LexisNexis ADAS Classification System, leverages the company’s expertise in machine learning and advanced analytics, and seamlessly integrates the data into existing workflows, including LexisNexis® Auto Data Prefill.
LexisNexis Risk Solutions analyzed 11 million randomly selected US vehicles within model years 2014-2019, and using proprietary information compared vehicles equipped with a set of core ADAS features against vehicles without those features. LexisNexis found that ADAS equipped vehicles showed a 27% reduction in bodily injury claim frequency and a 19% reduction in property damage frequency but also found that severity for ADAS-equipped vehicles increased only slightly.
“Vehicle-centric data is becoming more significant to U.S. insurers as cars continue to offer ADAS and other safety-related packages as add-ons to base models. Consumers who select these upgrades to their vehicles have an expectation that this choice will positively impact their insurance premium. By providing a classification of VIN-level insights with our Vehicle Build product, carriers are able to more easily evaluate the evolving vehicle technology and improve pricing segmentation.” – Tanner Sheehan, Associate Vice President of Auto Insurance, LexisNexis Risk Solutions.