LexisNexis Risk Solutions and insurtech TrueMotion have partnered on a new telematics initiative, the latest industry alliance aimed at providing driver data to insurance companies.
Similar to LexisNexis’ deal with Mitsubishi, announced June 2, the partnership enables carriers to optimize information collected by connected-car stakeholders to develop their usage-based insurance offerings. LexisNexis’ Telematics Exchange program, which TrueMotion now joins, uses predictive modeling and advanced analytics to score data collected by auto manufacturers, dongle services and UBI smartphone apps, like TrueMotion’s.
Traffic moves along Baldorioty de Castro highway in Carolina, Puerto Rico, on Saturday, May 13, 2017. With Wall Street's help, the U.S. commonwealth borrowed tens of billions in the bond markets, only to squander much of it on grand projects, government bureaucracy, everyday expenses and worse. Debts were piled on debts, even as the economy gave way. Photographer: Xavier Garcia/Bloomberg
Xavier Garcia/Bloomberg
"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 of auto and home insurance at LexisNexis, in a statement. "Through this platform, our insurance partners can effectively navigate evolving technology, quickly scale their telematics business.”
Ted Gramer, CEO of TrueMotion added, “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. By combining our solutions with LexisNexis, we look forward to providing insurers with rich new driver context that enables next generation products."
California authorities issued their latest moratorium against non-renewal of residential property insurance after wildfires in Ventura County. It's the eighth this year and 34th since 2019. The state's insurance commissioner authored a law while a state senator to make these moratoriums automatic after a state of emergency.
