LexisNexis expands vehicle history attributes for rating and underwriting to include mileage
LexisNexis Risk Solutions , a provider of data, analytics and technology for insurance, announced the inclusion of mileage information from connected vehicles in its LexisNexis Vehicle History solution. The enhancement enables US auto insurers to use connected mileage data for insurance quotes, at policy renewal to confirm miles driven, and on an ongoing basis to support mileage monitoring programs.
LexisNexis now receives odometer data directly from connected vehicles and delivers it into an insurer’s workflow. The addition supplements accident information, branded title designations and other historical vehicle usage data currently delivered through the Vehicle History solution to provide an expanded set of vehicle-related attributes for insurers to consider as they strive to increase rating accuracy. In the future, this data can benefit claims adjusters seeking up-to-date odometer readings for purposes of estimating total loss payments.
“Annual mileage has long been a sought-after data point, but now these insights have even more relevance as driving patterns have changed due to the COVID-19 pandemic and drivers have adapted to working from home. As pay-per-mile policies increase in popularity, it is important that insurers meet the needs of their customers with regular and more accurate odometer readings to track miles driven on an ongoing basis. It’s important to us that our solutions work effectively with and evolve with the needs of carriers. As connected vehicles change the game, we are finding new ways to leverage and share the data collected.” – Director of auto insurance, LexisNexis Risk Solutions, Liz Rozier.