Insurance telematics – also known as Usage-Based Insurance (UBI), Pay As You Drive (PAYD) or PAY How You Drive (PHYD) – offers exciting possibilities but also represents a significant undertaking for most insurers. LexisNexis® puts telematics in perspective to enhance your risk model; our solutions help you to:
- Overcome many of the challenges of collecting raw data through innovative and cost-effective hardware and mobile technologies
- Easily manage the massive data sets associated with telematics through our highly scalable and secure data centers
- Enhance predictability by correlating telematics data with other established data sets for a unique, more accurate risk model
- Profitably market your offerings by reaching consumers most likely to try telematics products with compelling messaging through our robust marketing services
Telematics Data Collection Solutions
|
| Moderate |
High |
High |
| Low |
Low |
Moderate to High |
| None |
Minimal |
Device Installed in Car |
| High Accuracy in Pilots |
Currently in Pilot |
Current Industry Standard |
| High |
High |
Low |
| * Patent Pending |
- Data Management: The Key to Unlocking the Potential of Usage-Based Insurance
The U.S. usage-based insurance (UBI) market is poised to take off in the coming years as insurers aggressively deploy UBI in order to improve risk evaluation. However, bringing a UBI product to market can be a difficult process, requiring insurers to navigate a number of strategic and operational challenges. The most pressing issue to address is how to harness the value of driver behavior data—how to gather, process, integrate, and analyze data to derive meaningful insights over the long term. With strong data management capabilities, as well as a well-defined strategic vision, insurers can ensure success in this rapidly growing market.
