The LexisNexis-owned telematics company has recorded more than one billion driving miles
Telematics specialist Wunelli is working on predictive first notification of loss (FNOL) to provide insurers with greater insight into the future claims experience of policyholders.
The technology will allow Wunelli to highlight customers that are expected to make a claim in the near future based on analysis of their driving behaviour and the roads on which they travel, using data gathered from a telematics policy.
This will allow the insurer to adjust policies, increase premiums or terminate cover as appropriate.
Wunelli co-founder and research and development director Paul Stacy said: “Predictive FNOL is a game changer for telematics claims management and a great example of how powerful this data can be.”
The breakthrough has been possible because of the volume of data collected by Wunelli, with the LexixNexis-owned company having analysed one billion miles of driving data.
Wunelli managing director Penny Searles said: “We are at 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 the most accurate picture of driver behaviour and deliver real insights to insurers to reduce their claims loss ratios by up to 30%.”