LexisNexis Vehicle Scores Evaluate the risk of insuring a specific vehicle in real-time
Vehicle data information is a significant rating factor used in underwriting motor insurance risk. The quality, accuracy and on time delivery of this data is essential.
In collaboration with CarweB, a leading supplier of vehicle data, LexisNexis provides Vehicle Scores, helping insurers more precisely evaluate the risk of insuring a specific vehicle in real-time.
The development of the LexisNexis Vehicle Scores harnesses 25+ years of experience in how to leverage a variety of data sources to predict insurance risk.
Our team of more than 90 modelers transforms raw data such as credit, vehicle and perils information to create insurance risk scores customised specifically to your book of business.
Alternatively LexisNexis can host scores, developed independently by your in-house analytics group.
Adequately price risk
Insurers who use LexisNexis Vehicle Scores realise a 1.5-2 percent improvement in loss ratio, of which 1-1.5 percent is incremental to the benefit achieved from using public records data. Because LexisNexis Vehicle Scores provide more insight into the risk of a specific vehicle, insurers can adjust the price of the insurance policy accordingly.
Improved accuracy
Standard vehicle groupings leverage limited, high-level vehicle information such as make and model. LexisNexis Vehicle Scores provide insurers with granular insight into the risk of a specific vehicle helping insurers to better assess the state of specific vehicles and provide more accurate quotes to consumers.
Greater convenience and reliability
Get reliable, accurate, actionable information quickly. LexisNexis Vehicle Scores are available in real-time at the point of quote, and are easily integrated into current rating schemas as a single score. Vehicle Scores leverage LexisNexis's 25 years of experience providing data and analytics to insurers.
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Did You Know?
Realise up to 1.5 improvement in loss ratio by using LexisNexis® Vehicle Scores, in collaboration with CarweB.
