LexisNexis Risk Solutions, a provider of data, analytics and technology for insurance, announced the inclusion of mileage information from connected vehicles in its LexisNexis Vehicle History solution. The enhancement enables U.S. auto insurers to use connected mileage data for insurance quotes, at policy renewal to confirm miles driven, and on an ongoing basis to support mileage monitoring programs.
Where traditional mileage information has been infrequently available based on varying collection methods, LexisNexis Risk Solutions now receives odometer data directly from connected vehicles and delivers it seamlessly into an insurer’s workflow. The addition supplements accident information, branded title designations and other historical vehicle usage data currently delivered through the Vehicle History solution to provide an expanded set of vehicle-related attributes for insurers to consider as they strive to increase rating accuracy. In the future, this data can benefit claims adjusters seeking up-to-date odometer readings for purposes of estimating total loss payments.
According to the LexisNexis Risk Solutions Auto Trends Report, the number of connected vehicles on the road is rising rapidly and is expected to triple by 2023. As more connected vehicle information and mileage readings become available, LexisNexis Risk Solutions will remain a centralized, single point for insurers to gain access to data from various automakers.
The new mileage data from LexisNexis Vehicle History can be delivered via LexisNexis Auto Data Prefill, which provides more reliable, up-to-date driver, vehicle and policy information for 89% of the insurance auto market. LexisNexis Risk Solutions also works with insurers on their usage-based insurance (UBI) programs leveraging the LexisNexis Telematics App, which collects driving behavior data including mileage information. These programs allow insurers to connect with policyholders about potential discounts and other benefits linked to driving behavior.