LexisNexis Risk Solutions and Modus have announced new alliance which provides insurers more options in after-market solutions to gather data and apply advanced analytics in developing and managing their UBI programs.
It is known that LexisNexis Risk Solutions is a provider of data and analytics in insurance telematics, and Modus, a provider of advanced vehicle tracking systems for insurers, fleet managers, and businesses.
Through this alliance, Modus is joining the LexisNexis Telematics Exchange, which will allow insurance carriers who opt in to take advantage of data from the industry and OEMs, make decisions faster, and gain insights for competitive advantage.
Modus offers scalable and flexible connected car platform to deliver driver performance data that enables insurers to identify and characterize more accurate risk profiles. The LexisNexis Telematics Exchange ingests and normalizes Telematics data gathered from many data sources, including auto manufacturers (OEMs) or after-market devices such as 12-Volt, OBDII dongles and smartphone apps from companies like Modus.
Once this data is compiled and normalized, LexisNexis then scores it using advanced analytics and predictive modeling specific to telematics to provide driving behavior insights for insurers. This approach allows insurers to access key data and analytics on the driver, which can help improve pricing and profitability across an insurer’s entire portfolio.data