Insurance Times Awards 2022: LexisNexis Risk Solutions commits to ‘innovate on behalf of the insurance market’

Explain briefly about your entry in the Challenger of the Year category.

LexisNexis Vehicle Build delivers precise insight to the insurance sector on the presence, purpose and performance of the advanced driver assistance system (adas) features on a vehicle at a vehicle identification number (VIN) level.

By normalising this data into 65 distinct adas features, we deliver a consistent classification to enrich insurers’ knowledge of a vehicle.

Intelligence is delivered at point of quote, where individual data fields plus a vehicle-level adas rating indicator can help to assess potential claims frequency.

What do you think makes your entry stand out or different from your competition?

No other data solution for the insurance market is able to drill down to the VIN level as we do with LexisNexis Vehicle Build.  

It started with creating an adas classification. We then analysed how adas fitments relate to claims - over three million vehicles have been processed in retrospective tests and over 26 million vehicles in production have been analysed to date.

By adding another layer of granularity, insurance providers can refine their pricing strategies, reward customers for their investments into safety features and demonstrate to the FCA the steps they are taking to deliver the right motor insurance cover at the right price.

What would winning this award mean to you and your firm?

Winning this award would be testament to the tireless work and commitment of our team and demonstrate our ongoing commitment to innovate on behalf of the insurance market.