LexisNexis Risk Solutions has created the first purpose-driven Advanced Driver Assistance Systems (ADAS) and vehicle safety classification system for auto insurance pricing and claims analysis. The new classification system aims to help insurers break down barriers through access to relevant data and insights from automakers’ ADAS features.
It will be leveraged in the soon-to-be released LexisNexis Vehicle Build, a solution that identifies and categorizes specific ADAS equipped features at the VIN-level, enabling insurers to establish the differences in risk profile associated with these features.
• Machine learning analysis of 17-digit VIN specific manufacturer data used to create standardization, with car safety features grouped by purpose
• Insights represent first step in insurance rating for the effectiveness of the latest vehicle safety features in reducing collisions and insurance claims
• This classification will play a key role in helping insurers improve pricing segmentation and prepare for increasingly autonomous vehicles
The LexisNexis ADAS classification system uses myriad ADAS descriptors used by car manufacturers and groups those features by their specific purpose. It uses machine learning to logically sequence and classify vehicle safety features and components for insurance carriers, enabling insurers to more easily establish differences in the risk profile associated with these ADAS features and incorporate those differences into pricing and claims workflows.
A global team of experts at LexisNexis Risk Solutions developed this proprietary classification for the benefit of insurers. The company also plans to launch this classification system for European insurers soon.
Source: Press Release