Insurance Times Awards 2023: LexisNexis Risk Solutions discusses impact of vehicle build data enrichment solution

Why did you want to enter the Challenger of the Year (Insurtech) Award category?

Vehicle technology is growing at a rapid rate, generating vital data for fair and accurate insurance products. However, variances in car manufacturer technology capability and naming conventions have made it impossible to collate a consistent view of what is fitted to a vehicle as standard or as an option.

LexisNexis vehicle build is a data enrichment solution that reveals the presence, purpose and performance of advanced driver-assistance systems (Adas) at Vin level and its impact in reducing claims frequency at the point of quote, either in granular detail or as an Adas rating indicator based on the features specific to that vehicle.

What do you think makes your entry stand out and why should you win the award?

LexisNexis vehicle build was designed specifically for the insurance market. Our data scientists used machine learning to scan millions of lines of car manufacturer vehicle data to logically classify vehicle safety features and build intelligence around how Adas fitments relate to claims.

Over 18m cars have been analysed to date. No other market-provider of Adas data can drill down to Vin level. This is significant because many Adas features are chosen as optional extras at purchase.

Building relationships with car manufacturers to source Adas data means that the insurance industry can deliver more personalised services to their shared customers.

What would winning this award mean to you and your firm?

It would mean the world. An Insurance Times Award would validate the significant work, dedication and investment we have made in developing this solution for the insurance market.

We see this helping to generate fairer insurance products and encouraging positive adoption of Adas equipment by consumers to reduce accident risk and insurance claims.

We strongly believe that this product is foundational in enabling the insurance market to prepare for increasing levels of assistance in vehicles and ultimately vehicle autonomy.