Wunelli, LexisNexis Reach One Billion Miles of Driving Behavior Data
Staff Writer | April 01, 2015
Wunelli, a LexisNexis company, has reached its billionth mile of driving behavior tracked, analyzed and scored. The data has been collected via fixed telematics devices and the growing number of smartphone telematics apps developed for insurers.
“Telematics data have proven to be very powerful rating factors. The one billion miles of data collected includes 450 vehicle makes and models, five million GPS data points per day and collectively 125,000 earned car years,” says Paul Stacy, founding director of Wunelli. “The key to creating real value from the data is in its validation, cleansing and scoring, which leads to better risk assessment, customer engagement and retention, and safer driving.”
The data gathered and analyzed to date has revealed that women are better drivers than men, identified the cars on the road driven by individuals most likely to speed, and derived key accident triggers hard accelerating, braking, night time driving and speeding.
More crucially, through the mass volume of telematics data collected with associated claims exposures, the company is now working on predictive First Notification of Loss (FNOL) algorithms. These algorithms are intended to give insurers insight into the highest risks for large, future claims losses and help improve the claims process for consumers.
The collection, analysis and scoring of driving behavior data since 2009 has led to significant advances in how insurers deliver usage-based insurance (UBI) policies, created insights that are changing the way insurers underwrite private motor cover and manage claims, and changing the way consumers think about their driving behavior patterns.
“We are experiencing the tipping point of a real change in telematics adoption in the UK, and we are committed to supporting insurers during this important phase of growth, every step of the way,” says Penny Searles, managing director of Wunelli. “We now have a proprietary database of trip and claims data records that is used to test scoring algorithms using 20 parameters, from road familiarity to relative speeds and driver distraction. This means we can deliver an accurate picture of driver behavior and deliver real insights to insurers to reduce their claims loss ratios by up to 30 percent.”
“Eighty-five percent of UK UBI Insurers run through the LexisNexis telematics infrastructure,” says Ash Hassib, senior vice president and general manager, auto and home insurance, LexisNexis Risk Solutions. “In addition to the UK, Wunelli and LexisNexis are working with U.S. P&C insurers to leverage the billion miles of experience and predictive risk models and advance their go-to-market strategies. We will also use this experience to help insurers launch telematics programs in developing countries such as China and Brazil.”
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