Insurance providers will now be able to plug into the telematics platform and build applications
Lexis Nexis Risk Solutions has opened its Global Telematics Exchange platform to insurance providers with the launch of its Software Development Kit (SDK).
As a result, insurance providers will now be able to plug into the platform and build innovative applications for the usage-based insurance market.
David Lukens, director of telematics and global products, insurance at LexisNexis Risk Solutions said: “The SDK demonstrates our commitment to supporting our customers’ growth in the telematics market given the complexity of such a project, as well as our expertise and drive to keep innovating to ensure our customers are at a competitive advantage.
“We have opened our platform and data environment to allow insurers, brokers and third-party developers to access our data processing systems in a secure, curated and documented environment and to build their own applications and websites using our platform as the core. Our application development team has been leading the way, building and optimising telematics apps for over a decade. The SDK takes this technical knowledge and vast experience and puts it into the hands of insurers and brokers.”
According to Lexis Nexis, the Software Development Kit helps solve:
Cost – the insurance provider can access and build applications on the LexisNexis Global Telematics Platform (GTP) without the cost of developing a whole technical architecture and hosting environment to mirror the GTP.
Scale – the SDK empowers insurers and brokers with the proven big data platform built by LexisNexis Risk Solutions, including our robust security and privacy practices.
Speed of Development – by leveraging the company’s pre-built platform technology and data management services, insurance providers can focus on consumer-facing elements, design and delivery. They can simply add driver scoring and driver safety features to their existing applications.
Data Treatment & Consistency – different devices deliver data at different frequencies and formats. The LexisNexis analytics team solves this problem for insurers by normalising data from different sources, including auto manufacturers.
Lukens continues: “By using the SDK, providers can go to market at a fraction of the cost and in a fraction of the time required to build a telematics product from scratch.
“Keeping the applications up to date with the numerous software updates released for smartphones of all types is also a greater commitment and investment than many companies are prepared to make. Utilizing our SDK allows updates to be made more quickly and more simply.
“This SDK leverages the full power of the LexisNexis GTP, offering a distinct advantage for firms operating across borders. This is the ultimate tool for product development as the sector looks to capitalise on the wider market opportunity beyond young drivers.”