Last week, LexisNexis Risk Solutions announced a new telematics model, describing it as the first U.S. insurance model to apply geospatial context to driving events to better understand how drivers respond in different situations.
“Telematics scoring continues to evolve, and understanding the context in which drivers make different decisions is a critical next step in this evolution. The same behaviors can mean very different things in terms of risk outcomes depending on the situation in which they occur, and getting this context right can nearly double the predictiveness of driving behavior models,” said David Lukens, Director, Telematics, LexisNexis Risk Solutions.
According to a media statement, the model—LexisNexis Attract for Telematics—is also specifically designed to provide predictive lift, in addition to and independent of existing rating plans, and to enhance segmentation through an entire spectrum of risks.
A suite of predictive models for auto insurers, Attract for Telematics scores an individual’s driving behavior across multiple vehicles, can use data from multiple data sources, and tracks vehicle usage patterns across multiple drivers. It can return those results on an individual driver, vehicle or household level.
The new model leverages geospatial data and a contextual scoring system that relies heavily on accurate GPS data, roadmaps and proprietary speed limit data, utilized in a new way.
By providing roadway context, such as location and speed limit, an insurer can distinguish between safe and unsafe driving behaviors. For example, a driver accelerating rapidly on a regular road is unsafe, but the same action taken on an expressway on-ramp is actually the only safe practice in that situation.
Lukens said the contextual insights from robust data and analytics can drive insurance carrier actions for risk selection and “help them differentiate their usage-based insurance programs in the marketplace.”
The model is now available in 49 states and the District of Columbia.
LexisNexis Risk Solutions, part of RELX Group, provides essential information that helps customers across industries and government predict, assess and manage risk. Combining technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy.
Source: LexisNexis Risk Solutions