IMS and LexisNexis® Risk Solutions announcement introduction by Adam Hudson, VP & GM – Connected and International Markets, LexisNexis Risk Solutions
This strategic agreement enables IMS’ insurer customers to use a single score regardless of the data coming from their own app program or exchange solutions.
Atlanta and Waterloo, Ontario, Canada – October 30, 2023 – LexisNexis® Risk Solutions, a leading provider of data and analytics for the insurance and automotive industries and IMS (Insurance & Mobility Solutions), a leading global vehicle and driving data business, today announced they have entered into an agreement for IMS to leverage the LexisNexis® Drive Metrics scoring model. Whether data is from the IMS DriveSync® platform or from LexisNexis® Telematics OnDemand, insurers using both solutions can leverage the benefit of a single, consistent driving score to benefit consumers.
Insurers can now leverage the Drive Metrics scoring model from the IMS One App product suite in addition to the existing LexisNexis Risk Solutions point-of-quote channel, LexisNexis® Telematics OnDemand. This approach offers a consistent scoring process for a broad range of insurers looking to continue to improve their usage-based insurance offerings through advancement of their own app-based programs, as well as integration of external exchange-based solutions to meet the needs and desires of consumers.
The Drive Metrics scoring model is compatible with carrier-specific rating plans and delivers a 79% additional lift above standard rating factors, with the potential to increase future performance of the model even further as additional driving behavior attributes are included. The separation power of this scoring model is also very high with an 8.7x lift between top and bottom deciles in terms of claim frequency and it performs strongly across coverage types to offer differentiated claim relativities and discounts, as appropriate.
“This agreement makes it possible for our current and future customers to minimize the headaches of managing the scoring of their app-based telematics data separate from their use of LexisNexis Telematics OnDemand,” said David Lukens, SVP of North America at IMS. “IMS enables more than 350 insurance and mobility customers globally with usage-based programs. The company’s award-winning One App mobile telematics and IMS DriveSync platform provide ongoing driver behavior modification, distracted driver monitoring, tailored rewards and retention programs, along with crash detection and automated claims processes.”
“We’ve established the use of the Drive Metrics model and scored telematics data through Telematics OnDemand as a source via the LexisNexis Telematics Exchange for insurers to incorporate directly into their workflows at point of quote as well as renewal,” Adam Hudson, vice president and general manager, U.S. Connected Car and International Markets, LexisNexis Risk Solutions. “We know customers are open to telematics programs today and we look forward to working with IMS to help insurers meet their usage-based insurance objectives while helping to simplify their solution delivery.”
Attendees of ITC Vegas taking place from October 31 to November 2, 2023, can learn more by attending an informative joint panel featuring IMS, LexisNexis Risk Solutions and electric vehicle manufacturer Rivian on November 1, 2023, at 10:30am, “Using emerging driving data analytics to price policyholders for maximum profitability.” Interested auto insurers can also contact IMS directly for more information at https://ims.tech/contact.