Written by: LexisNexis Risk Solutions

The neutral data exchange or neutral server concept is now gaining acceptance as a solution for fair and secure transactions of data relating to a vehicle, for any third-party contracted in some way to the manufacturer of that vehicle.

The neutral server ensures that verified, normalized and standardized data can flow at speed in the exchange. Raw data, collected in many formats, for many purposes, huge data files, need to processed and made ready for car makers, insurance providers or any service provider, such as a repair or salvage network, or insurance claims handler, field worker or loss adjustor.

It’s an independent platform that encourages innovation, since any authorised party – for example independent or authorised repairers, brokers or direct insurers – can receive access to same type, amount and quality of data, at the same time, at the same price. It also ensures consumer choice, as drivers are free to obtain services from any provider; in future this could extend to a driver score or driver signature the policyholder can independently access and use for their next insurance quote.

Several participants are coming forward in the market to offer such a solution that protects the liability of the vehicle manufacturer, at the same time as maintaining the safe and secure functioning of the vehicle itself, the onboard automotive-specific data environment. Our challenge at LexisNexis Risk Solutions is to talk to every data silo involved in these ‘many to many’ relationships and solve their requirements on their own terms, for their own data.

On the road to greater vehicle autonomy, more rating factors for insurance are going to be coming from vehicle technology and not just the ‘person risk’.

Some 60% of the global vehicles currently on the road have some form of ADAS (Advanced Driver Assistance Systems) and it’s a technology growing in importance. We’ve made some forecasts on how this will evolve over time.

From the connected car we will begin to get additional new data sources for insurance. These include the performance and the effect of these safety features in the real world, with all the various brand names, features and installation types that are out there in the market, as well as the frequency with which these individual features are being triggered per mile. This in turn is going to feed back into usage-based insurance (UBI) with a positive underwriting effect. There are also benefits for the consumer in the form of (usually) insurance premium discounts, a better overall vehicle experience, and insights of geographic use and other usage patterns to drive new services.

In this video presented by Paul Stacy, R&D Director and Director of Automotive Development EMEA, LexisNexis Risk Solutions, you will learn about:

  • The growth and types of connected car data, vehicle build data in selected countries
  • ADAS (Advanced Driver Assistance Systems) features and their rating impact
  • Legitimate interest processes and consumer consent under GDPR, encryption, regulated processes for contracted data and our LexisNexis® plans for vehicle data exchange
  • ADAS features and data hierarchy
  • Why ADAS data will improve risk rating and how it is scalable today
  • The impact of some specific ADAS technologies on accident frequency, based on LexisNexis Risk Solutions research from 12 million vehicles
  • ADAS features by sensors used
  • Use of encryption for processing de-personalised data in the vehicle ecosystem in the regulated environment
  • Road map and evolution of vehicle safety technology (Generation 1, Generation 2 and Generation 3 from 2020 to 2024)
  • How we build the ADAS Score and ADAS feature build sets for vehicle types.
  • The core data products we are creating at LexisNexis Risk Solutions: ADAS Data Report, ADAS Score, Base Score and the Vehicle Score
  • How ADAS data is going to have a positive effect on insurance underwriting and pricing
  • How to take part in retrospective analysis and proofs-of-concept going ahead in several insurance markets to benchmark these new rating features.

LexisNexis Risk Solutions, a unit of RELX Group, is a global data technology and advanced analytics leader, with customers in over 100 countries worldwide.

Follow these links for information on our Connected Car Team, the Global Telematics Platform or the LexisNexis Risk Solutions website for US insurance or UK insurance to find out more.

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