{"id":476910,"date":"2021-04-15T08:33:43","date_gmt":"2021-04-15T12:33:43","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/"},"modified":"2021-04-15T08:33:43","modified_gmt":"2021-04-15T12:33:43","slug":"new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/","title":{"rendered":"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">LexisNexis\u00ae Drive Metrics Score Helps Provide Insurers Greater Risk Assessment and Pricing Accuracy<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">ATLANTA<\/span>, <span class=\"xn-chron\">April 15, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3130122-1&amp;h=317331274&amp;u=https%3A%2F%2Frisk.lexisnexis.com%2F&amp;a=LexisNexis%C2%AE+Risk+Solutions\" rel=\"nofollow noopener\">LexisNexis\u00ae Risk Solutions<\/a>, a leading provider of data, advanced analytics and technology for the insurance industry, today announced the launch of a new LexisNexis\u00ae Drive Metrics scoring model, a next-generation telematics-based scoring model for the auto insurance industry. This new scoring model will be available for testing through LexisNexis\u00ae Telematics OnDemand and is designed to flow seamlessly into insurers&#8217; existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/491370\/LexisNexis_Risk_Solutions_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/491370\/LexisNexis_Risk_Solutions_Logo.jpg\" title=\"LexisNexis Risk Solutions (PRNewsfoto\/LexisNexis Risk Solutions)\" alt=\"LexisNexis Risk Solutions (PRNewsfoto\/LexisNexis Risk Solutions)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3130122-1&amp;h=2027398045&amp;u=https%3A%2F%2Frisk.lexisnexis.com%2Fproducts%2Ftelematics-ondemand%3Futm_campaign%3DINSATO20.TOD.TOD%26utm_source%3DPRNewswire%26utm_medium%3DPressRelease&amp;a=Telematics+OnDemand\" rel=\"nofollow noopener\">Telematics OnDemand<\/a>\u00a0will be the first LexisNexis\u00ae Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model which leverages analytics applied to driving behavior data. The resulting scores can help carriers deliver a more accurate risk assessment of driving behavior data, both at point of quote and renewal. Most importantly, it helps carriers with no prior experience with telematics to quickly leverage a large volume of driving behavior data which is accrued from more than 29 billion driving miles and hundreds of thousands of recorded claims.<sup>1<\/sup><\/p>\n<p>This new scoring model is compatible with carrier-specific rating plans and delivers a <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3130122-1&amp;h=414850161&amp;u=https%3A%2F%2Flexisnexis.turtl.co%2Fstory%2Ftelematics-scoring-model%2F%3Futm_campaign%3Dinsato21.telmmodel.telscorewp%26utm_medium%3Debook%26utm_source%3Dprnewswire%26utm_content%3Dpressrelease_prnewswire&amp;a=79%25+additional+lift\" rel=\"nofollow noopener\">79% additional lift<\/a>\u00a0above standard rating factors, with the potential to increase future performance of the model even further as additional driving behavior attributes are included. The separation power of this scoring model is also very high with an 8.7x lift between top and bottom deciles in terms of claim frequency and performs strongly across coverage types to offer differentiated claim relativities and recommended discounts.<sup>2<\/sup>\u00a0While this new scoring model demonstrates strong performance, the data scientists at LexisNexis Risk Solutions consistently evaluate, innovate and recalibrate its Drive Metrics telematics scoring models to continually deliver market-leading performance of its models and scores.<\/p>\n<p>With more individuals paying attention to their current driving habits or decrease in driving in some cases, the time is right to release this newest generation of telematics driving behavior models. In a LexisNexis Usage-Based Insurance (UBI) study, 88% of drivers indicated they prefer auto insurance pricing based on their actual driving habits. Furthermore, 71% of respondents noted that telematics and driving behavior data is among the fairest ways to set a price for the insurance if they perceive a benefit.<sup>3<\/sup> With the new Drive Metrics scoring model, carriers can not only focus on pricing risk more accurately to improve their books of business, but also incentivize their customers who are participating in telematics data sharing programs through offering discounts based on driving behavior. <\/p>\n<p>&#8220;Adding Drive Metrics to our Telematics OnDemand solution represents the next stage in the UBI evolution,&#8221; said <span class=\"xn-person\">Adam Hudson<\/span>, Vice President and General Manager, Connected Car at LexisNexis Risk Solutions. &#8220;Insurers want as much information as possible about all of the variables that comprise a true picture of risk propensity, while consumers expect a more streamlined and personalized experience for sharing their telematics data. The level in which we&#8217;re able to normalize telematics data and deliver actionable driving behavior insights in the form of both scores and attributes in seconds is not only an exciting prospect, but one of greater possibility as we look to extend this powerful new scoring model to other exchange-based solutions.&#8221;<\/p>\n<p>While insurance carriers are poised to see substantial improvements in predicting and analyzing driving risk, automakers can also benefit from the added scoring model to Telematics OnDemand due to greater demand and usage of telematics data sourced from automakers by a broader set of insurers and consumers.<\/p>\n<p>&#8220;With more than 30 years as a trusted custodian of data for insurance, having the ability to provide greater transparency and accuracy is critical,&#8221; said Hudson. &#8220;The latest advances among proprietary linking technology and advanced analytics capabilities enable us to link a driver to a vehicle and monitor the legitimacy of that person&#8217;s connection to the vehicle, ultimately allowing for a more trusted and personalized experience where they can benefit from their data.&#8221;<\/p>\n<p>For more information about the new Drive Metrics telematics scoring model and the associated eBook, click <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3130122-1&amp;h=4246198274&amp;u=https%3A%2F%2Flexisnexis.turtl.co%2Fstory%2Ftelematics-scoring-model%2F%3Futm_campaign%3Dinsato21.telmmodel.telscorewp%26utm_medium%3Debook%26utm_source%3Dprnewswire%26utm_content%3Dpressrelease_prnewswire&amp;a=here\" rel=\"nofollow noopener\">here<\/a>. <\/p>\n<p>\n        <b>About LexisNexis Risk Solutions<br \/><\/b>LexisNexis\u00ae Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro <span class=\"xn-location\">Atlanta, Georgia<\/span>, we have offices throughout the world and are part of RELX (LSE: REL\/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3130122-1&amp;h=316452956&amp;u=http%3A%2F%2Fwww.risk.lexisnexis.com%2F&amp;a=www.risk.lexisnexis.com\" rel=\"nofollow noopener\">www.risk.lexisnexis.com<\/a>\u00a0and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3130122-1&amp;h=929997745&amp;u=http%3A%2F%2Fwww.relx.com%2F&amp;a=www.relx.com\" rel=\"nofollow noopener\">www.relx.com<\/a>.<\/p>\n<p>\n        <b>Media Contacts:<br \/><\/b><br \/>\n        <span class=\"xn-person\">Regina Haas<\/span><br \/>\n        <br \/>LexisNexis Risk Solutions<br \/>Phone: +1.678.694.3569<br \/><a target=\"_blank\" href=\"mailto:Regina.Haas@lexisnexisrisk.com\" rel=\"nofollow noopener\">Regina.Haas@lexisnexisrisk.com<\/a>\u00a0<\/p>\n<p>\n        <span class=\"xn-person\">Dean Carney<\/span><br \/>\n        <br \/>Brodeur Partners for LexisNexis Risk Solutions <br \/>Phone: +1.646.746.5607<br \/><a target=\"_blank\" href=\"mailto:Dcarney@brodeur.com\" rel=\"nofollow noopener\">Dcarney@brodeur.com<\/a><u>\u00a0<\/u><\/p>\n<p>\n        <sup>1<\/sup>\u00a0LexisNexis Risk Solutions 2021 Driving Score Whitepaper<br \/><sup>2<\/sup>\u00a0LexisNexis Risk Solutions 2021 Driving Score Whitepaper<br \/><sup>3<\/sup> LexisNexis Risk Solutions 2018 Consumer Research <\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL43686&amp;sd=2021-04-15\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/new-us-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand-301269719.html\">http:\/\/www.prnewswire.com\/news-releases\/new-us-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand-301269719.html<\/a><\/p>\n<p>SOURCE  LexisNexis Risk Solutions<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CL43686&amp;Transmission_Id=202104150830PR_NEWS_USPR_____CL43686&amp;DateId=20210415\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LexisNexis\u00ae Drive Metrics Score Helps Provide Insurers Greater Risk Assessment and Pricing Accuracy PR Newswire ATLANTA, April 15, 2021 \/PRNewswire\/ &#8212;\u00a0LexisNexis\u00ae Risk Solutions, a leading provider of data, advanced analytics and technology for the insurance industry, today announced the launch of a new LexisNexis\u00ae Drive Metrics scoring model, a next-generation telematics-based scoring model for the auto insurance industry. This new scoring model will be available for testing through LexisNexis\u00ae Telematics OnDemand and is designed to flow seamlessly into insurers&#8217; existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability. Telematics OnDemand\u00a0will be the first LexisNexis\u00ae Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model which leverages analytics applied to driving behavior data. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-476910","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LexisNexis\u00ae Drive Metrics Score Helps Provide Insurers Greater Risk Assessment and Pricing Accuracy PR Newswire ATLANTA, April 15, 2021 \/PRNewswire\/ &#8212;\u00a0LexisNexis\u00ae Risk Solutions, a leading provider of data, advanced analytics and technology for the insurance industry, today announced the launch of a new LexisNexis\u00ae Drive Metrics scoring model, a next-generation telematics-based scoring model for the auto insurance industry. This new scoring model will be available for testing through LexisNexis\u00ae Telematics OnDemand and is designed to flow seamlessly into insurers&#8217; existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability. Telematics OnDemand\u00a0will be the first LexisNexis\u00ae Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model which leverages analytics applied to driving behavior data. &hellip; Continue reading &quot;New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-15T12:33:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/491370\/LexisNexis_Risk_Solutions_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand\",\"datePublished\":\"2021-04-15T12:33:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\\\/\"},\"wordCount\":843,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/491370\\\/LexisNexis_Risk_Solutions_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\\\/\",\"name\":\"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/","og_locale":"en_US","og_type":"article","og_title":"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand - Market Newsdesk","og_description":"LexisNexis\u00ae Drive Metrics Score Helps Provide Insurers Greater Risk Assessment and Pricing Accuracy PR Newswire ATLANTA, April 15, 2021 \/PRNewswire\/ &#8212;\u00a0LexisNexis\u00ae Risk Solutions, a leading provider of data, advanced analytics and technology for the insurance industry, today announced the launch of a new LexisNexis\u00ae Drive Metrics scoring model, a next-generation telematics-based scoring model for the auto insurance industry. This new scoring model will be available for testing through LexisNexis\u00ae Telematics OnDemand and is designed to flow seamlessly into insurers&#8217; existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability. Telematics OnDemand\u00a0will be the first LexisNexis\u00ae Telematics Exchange product to offer scores using the new Drive Metrics telematics scoring model which leverages analytics applied to driving behavior data. &hellip; Continue reading \"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-15T12:33:43+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/491370\/LexisNexis_Risk_Solutions_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand","datePublished":"2021-04-15T12:33:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/"},"wordCount":843,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/491370\/LexisNexis_Risk_Solutions_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/new-u-s-telematics-scoring-model-achieves-79-lift-above-standard-rating-factors-testing-available-via-lexisnexis-telematics-ondemand\/","name":"New U.S. Telematics Scoring Model Achieves 79% Lift Above Standard Rating Factors, Testing Available via LexisNexis Telematics OnDemand - 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