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

June 19, 2020 / PRNewswire
SHARESHARESHARE

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.