LexisNexis Risk Solutions, an Atlanta-based provider of data and analytics in insurance telematics, and Modus, a Huntington Beach, Calif.-based provider of advanced vehicle-tracking systems, announced a new alliance aiming to provide more options for gathering data and applying advanced analytics in usage-based insurance programs.
Through the alliance, Modus is joining the LexisNexis Telematics Exchange, “which will allow insurance carriers who opt in to take advantage of data from the industry and OEMs, make better decisions faster and gain unique insights for competitive advantage,” according to the two companies.
“Vehicle telematics has become an integral part of the new wave of usage-based insurance, and it starts with having integrated flexible solutions,” said Brandon Johnson, CEO of Modus. “We have seen an increased adoption of programs using multiple data-collection models simultaneously, including hardware and mobile app. These options provide more tools for driver scoring, consumer-focused value-added services, and location data for personal and commercial insurers, allowing for even greater risk insights than ever before.
“In working with LexisNexis Risk Solutions, together we’re able to provide a deeper level of data granularity and scoring to insurers and better consumer experiences no matter the data collection method.”
Modus offers a scalable connected-car platform designed to deliver driver-performance data that enables insurers to identify and characterize more accurate risk profiles. The LexisNexis Telematics Exchange ingests and normalizes telematics data gathered from many data sources, including automakers or aftermarket devices such as OBD II dongles and smartphone apps from companies such as Modus. Once the data is compiled and normalized, LexisNexis scores it using advanced analytics and predictive modeling specific to telematics to provide driving-behavior insights for insurers.