LexisNexis Risk Solutions, an Atlanta-based provider of data and analytics in insurance telematics, and TrueMotion, a Boston-based provider of smartphone usage-based insurance (UBI) technology, announced a new alliance aiming to provide insurers greater flexibility and consumer-focused UBI programs.
Through the alliance, TrueMotion is joining the LexisNexis Telematics Exchange, which will allow insurance carriers that 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 companies.
“Mobile phones have become an integral part of the consumer experience and we see tremendous potential to leverage complex mobile sensor, location and usage data to make driving safer and reduce distracted driving,” said Ted Gramer, CEO of TrueMotion. “By combining our solutions with LexisNexis, we look forward to making our roads safer and providing insurers with rich new driver context that enables next-generation products.”
The LexisNexis Telematics Exchange ingests and normalizes telematics data gathered from many data sources, including OEMs, 12-Volt, OBD II dongles and smartphone apps such as that of TrueMotion. 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.
“Working with TrueMotion enables us to offer engaging smartphone applications and provide insurers with the advanced data and analytics that are most relevant to them,” said Ash Hassib, SVP and GM, Auto and Home Insurance, LexisNexis Risk Solutions. “Through this platform, our insurance partners can effectively navigate evolving technology, quickly scale their telematics business and in the case of TrueMotion, receive normalized data and advanced insights that help develop best practices on engaging consumers in their programs.”