LexisNexis® Risk Solutions, a leading data, analytics and technology provider, has been selected to become part of Project smashHit – a project funded by the European Union – to play a key role together with consortium partner Volkswagen AG in enabling millions of consumers to benefit from connected car data. The project coordinator is Institut für angewandte Systemtechnik Bremen GmbH ATB), who has deep knowledge in the research on car data as well as management of EU-funded projects.
The European Union has initiated several funded projects designed to increase consumer confidence in the use of personal data generated by mass internet connected devices. Project smashHit is aimed at two specific use cases: automotive insurance and smart cities where the mass internet connected device is the connected car. The Project smashHit consortium has been tasked with creating a secure platform that will increase consumer trust and confidence in personal connected car data sharing for specific use cases.
LexisNexis Risk Solutions will lead the automotive insurance use case in partnership with Volkswagen AG. Consumer studies[i] have shown that there is already wide acceptance and comfort regarding the use of vehicle and driving data for insurance. However, in a study conducted across Europe by LexisNexis Risk Solutions[ii], 84% of consumers expressed concerns over how their data would be used.
Utilising its experience supporting the insurance and car manufacturing markets in Europe and working closely with Volkswagen Group, LexisNexis Risk Solutions will focus on consumer consent for usage-based insurance (UBI), derived from connected car data.
LexisNexis Risk Solutions is the leading insurance data expert amongst nine EU entities who together have successfully bid to become part of the Project smashHit consortium, leveraging the business’ credentials as a trusted data custodian.
The consortium is part of Horizon 2020, the largest EU Research and Innovation programme ever formed with nearly €80 billion of funding available over seven years (2014 to 2020).
Project smashHit is a three-year initiative which has attracted circa €6M funding from the EU, to support the emergence of data markets and the data economy. It has been tasked to create the platforms to ensure consumers remain in control of their data and its subsequent use. It will also help enable secure sharing and trading of data with robust, automated controls on compliance.
LexisNexis Risk Solutions will focus upon:
- Working with the Project smashHit consortium to help define and create a consent certification platform that will boost consumer confidence that data is being used appropriately and legally;
- Helping to ensure continuous traceability of consumer consent for data use and that consent levels can be monitored and benchmarked;
- Enabling select EU insurers to have access to consented data to support UBI.
Rutger van der Wall, senior vice president, global product management, Insurance, at LexisNexis Risk Solutions said, “LexisNexis Risk Solutions is pleased to have been selected for the smashHit consortium as the opportunity to build consumer trust and uptake of usage-based insurance derived from data from the car is one of our passions.
“We fully understand the challenges presented in the connected car environment. We bring the data analytic skills needed to help consumers and businesses leverage the benefits of the connected car.”
LexisNexis Risk Solutions helps leading insurance companies and automakers innovate, challenge the status quo and improve outcomes. By harnessing our deep industry knowledge, breakthrough technologies, rich data and powerful analytics, we enable our customers to make more accurate decisions and strengthen their consumer relationships. LexisNexis Risk Solutions is among the largest providers of data to the insurance industry with more than 30 years of experience and our global solutions serve customers in North and South America, U.K., EU and APAC. We are committed to the highest data management, information security, data privacy and regulatory standards.