LexisNexis Risk Solutions, a leading provider of data, analytics and technology to the insurance industry has made a multi-million dollar investment in the formation of a new global Connected Car team. LexisNexis Risk Solutions is part of RELX Group, a FTSE 100 company and named to the 2018 Forbes Magazine list ‘The World’s Most Innovative Companies.’
A 35+-person team has been created to help automakers and insurers share data and analytics to deliver the next generation of mobility and connected car services and insights to improve customer experience for both industries. The LexisNexis Risk Solutions Connected Car team plans to grow to 100 dedicated specialists over the next five years.
LexisNexis Risk Solutions works with 95 of the top 100 U.S. personal lines insurers, more than 90% of the UK motor insurance market as well as insurers across Brazil, India, China and Spain. Leveraging the company’s strong pedigree in delivering data insights across the consumer value chain for marketing, underwriting and risk assessment, compliance and collision decisions, the team consists of experts in data science, technology as well as product and market strategies. Collectively it has more than 125 years’ experience in automotive, telematics and technology.
Led by Adam Hudson, Senior Director of Product Management for U.S. Connected Car, and Rutger van der Wall, Vice President of Global Products, the team will help accelerate the company’s commitment to developing solutions that bridge the insurance and automotive manufacturing industries.
“We’ve established the Connected Car team to enable us to innovate and execute quickly, as well as respond to the increasing pace and interest between automakers and insurance providers to engage consumers with driving behavior information, collision detection and other programs that connectivity enables,” said Adam Hudson.
“Automakers and car insurers alike want to know more about their customers to better serve them throughout the lifecycle of vehicle ownership and through life events that change a consumer’s needs. Today, 85% of U.S. auto insurers use a LexisNexis prefill solution, which is focused on ease of use for the consumer, improved accuracy and a better experience throughout the customer journey.”
The Connected Car team is working on delivering next-generation services utilizing on-board telematics data with the growing volume of cars now connected to the internet.
“Investment in this new Connected Car team signals a transformational approach and focus on this market, one that we feel best positions us to deliver value across two powerful industries. It also provides their shared customer base, the consumer, with innovative and game-changing data and analytics products, which will establish leadership in the marketplace.”
LexisNexis Risk Solutions has already developed close working partnerships with automakers in the US, Europe and China to help deliver new telematics-based products and services including usage-based insurance delivered at the point of sale.
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