LexisNexis Risk Solutions Launches Vehicle Build Product to Offer U.S. Insurers Much-Needed ADAS Details

LexisNexis Risk Solutions | June 19, 2020

LexisNexis® Risk Solutions, has announced the availability of LexisNexis® Vehicle Build, a solution that provides U.S. insurance carriers more accurate underwriting and auto insurance risk assessment and comprehensive information about the specific Advanced Driver Assistance Systems (ADAS) features equipped on a vehicle.

Automakers continually develop new ADAS features – sometimes releasing multiple within the same model year – and promote their efficacy in reducing accidents, but these features are often offered as an optional purchase to the car buyers. In addition, each automaker creates its own unique marketing name for its features for the sake of differentiation.  This variability in naming similar features, in combination with the difficulty in determining whether those features are actually equipped on a given vehicle, creates a challenge for insurers seeking to properly price the vehicles they underwrite. To address this challenge, 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.

Spotlight

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations.

Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

Spotlight

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations.

Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

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