LexisNexis Risk Solutions Drives Global Expansion with Multi-language Telematics Capability
Global insurers expanding their telematics propositions into new territories can now take advantage of the multi-language capability of the LexisNexis® Global Telematics Platform from insurance data analytics and telematics leader LexisNexis Risk Solutions. This development can vastly improve speed to market in each territory whilst providing the benefits of a consistent platform across different geographical regions.
The new multi-language capability has the ability to play a critical role in the global expansion of telematics as insurers around the world look to leverage the insights gained from Usage-Based Insurance (UBI) to improve rating and reduce claims losses. The global automotive telematics market is forecast to have a compound annual growth rate of 22.1% between 2017 and 2025.
LexisNexis Risk Solutions supports global insurer telematics propositions in key insurance markets including the UK, US, Spain, and Brazil. LexisNexis has developed the capability for its telematics platform to be translated into each country’s primary language with the ability to add new languages as required. A majority of local insurers have operations outside the UK, making the multi-language option an easy way to expand their telematics offerings.
Rutger Van der Wall, Vice President of Global Products, Insurance, at LexisNexis Risk Solutions said: “Offering a multi-language capability should be a key requirement in an insurer’s development priority list given few large insurers operate in one country exclusively. This is now a differentiator for LexisNexis Risk Solutions and means insurers have the assurance that language won’t be a barrier to their telematics programme expansion plans.
“Fundamentally, this new capability provides insurers operating across multi-regions with all the benefits of operating one telematics platform across different territories, easing the proof of concept and launch process in each country and ultimately supporting their growth ambitions.”
The LexisNexis Global Telematics Platform, houses data from insurers, OEMs and other after market data sources. LexisNexis cleanses, normalises and filters data ingested as part of insurers’ UBI programme. This approach helps insurers take advantage of more data available through the LexisNexis® Telematics Exchange ecosystem and helps maintain insurers’ UBI programme continuity regardless of the data sources used and future technological disruptions.