Wunelli and LexisNexis Hit Key Milestone - 1 Billion Miles of Driving Behaviour Data

Telematics leader delivers powerful insights to insurers

LONDON & ATLANTA--()--Wunelli, a LexisNexis company, has reached its billionth mile of driving behaviour tracked, analysed and scored. The data has been collected via fixed telematics devices and the growing number of smartphone telematics apps developed for insurers. This significant milestone secures the position of LexisNexis as the leading provider of driving behaviour data in the UK and globally as a telematics enabler for the insurance sector.

“85% of UK UBI Insurers run through the LexisNexis telematics infrastructure”

Paul Stacy, Founding Director of Wunelli, said: “Telematics data have proven to be very powerful rating factors. The one billion miles of data collected includes 450 vehicle makes and models, five million GPS data points per day and collectively 125,000 earned car years. The key to creating real value from the data is in its validation, cleansing and scoring, which leads to better risk assessment, customer engagement and retention, and safer driving.”

The data gathered and analyzed to date has revealed that women are better drivers than men, identified the cars on the road driven by individuals most likely to speed, and derived key accident triggers hard accelerating, braking, night time driving and speeding.

More crucially, through the mass volume of telematics data collected with associated claims exposures, the company is now working on predictive First Notification of Loss (FNOL) algorithms. These algorithms are intended to give insurers insight into the highest risks for large, future claims losses and help improve the claims process for consumers.

Paul Stacy, continues: “Predictive FNOL is a game changer for telematics claims management and a great example of how powerful this data can be.”

The collection, analysis and scoring of driving behaviour data since 2009 has led to significant advances in how insurers deliver usage-based insurance (UBI) policies, created insights that are changing the way insurers underwrite private motor cover and manage claims, and changing the way consumers think about their driving behavior patterns.

Penny Searles, MD of Wunelli added: “We are experiencing the tipping point of a real change in telematics adoption in the UK, and we are committed to supporting insurers during this important phase of growth, every step of the way. We now have a proprietary database of trip and claims data records that is used to test scoring algorithms using 20 parameters, from road familiarity to relative speeds and driver distraction. This means we can deliver an accurate picture of driver behaviour and deliver real insights to insurers to reduce their claims loss ratios by up to 30%.”

“85% of UK UBI Insurers run through the LexisNexis telematics infrastructure,” said Ash Hassib, SVP and GM, Auto and Home Insurance, LexisNexis Risk Solutions. “In addition to the UK, Wunelli and LexisNexis are working with U.S. P&C insurers to leverage the billion miles of experience and predictive risk models and advance their go-to-market strategies. We will also use this experience to help insurers launch telematics programmes in developing countries such as China and Brazil.”

“Wunelli has helped drive innovation in the UK motor insurance in recent years and this achievement demonstrates LexisNexis is at the heart of the 'Great Telematics Experiment' with one billion telematics miles tracked across six continents,” said Celent Senior Analyst Craig Beattie.

NOTES TO EDITORS:

Wunelli

Working closely with all major software houses, today, Wunelli provides a complete end-to-end solution to enable insurers and brokers to offer telematics-based motor insurance products, in a fast, efficient and cost-effective manner.

Whether it is hard-wired, OBD2 or smartphone solution, Wunelli offers a completely outsourced solution or an integrated package that links telematics to existing internal systems.

LexisNexis Risk Solutions

LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk is part of RELX Group plc, a world-leading provider of information solutions for professional customers across industries.

http://www.lexisnexis.com/risk/

Contacts

LexisNexis Risk Solutions
Regina Haas, 678-694-3569
regina.haas@lexisnexis.com

Release Summary

Wunelli, a LexisNexis company, has reached its billionth mile of driving behaviour tracked, analysed and scored. The data has been collected via fixed telematics devices.

LexisNexis Risk Solutions