The Lexis Nexis Enigma: Unraveling The Auto Insurance Application Process

LexisNexis is a global data broker that generates consumer risk profiles for insurance companies. It collects and reports up to seven years of auto and personal property claims data, providing insurance risk scores to help inform pricing and underwriting decisions for the insurance industry. Applying for auto insurance may create a LexisNexis profile, which can include detailed driving data such as dates, distances, start and end times, and driving behaviour such as speeding, hard braking, or sharp accelerations. This data is then used to create a risk score to personalise insurance coverage.

LexisNexis Risk Solutions

LexisNexis generates consumer risk profiles for insurers by collecting and analyzing driving data. This data includes records of speeding, hard braking, and rapid acceleration, as well as the dates, distances, and start and end times of trips. This information is used to create a risk score that insurers can use to create personalized insurance coverage. LexisNexis also provides insurance companies with comprehensive insights about household drivers, vehicles, and policy history, enabling faster and more accurate quoting and underwriting.

In addition to auto insurance, LexisNexis Risk Solutions also offers home insurance solutions, commercial motor solutions, and commercial property solutions. They help insurance providers understand the risk of the property, place, and person to provide more accurate pricing and identify new areas for portfolio growth. LexisNexis also assists in simplifying compliance with evolving privacy regulations and offers identity access management solutions to ensure the right person is accessing the connected services.

LexisNexis C.L.U.E. (Comprehensive Loss Underwriting Exchange) is a claims information exchange service affiliated with LexisNexis Risk Solutions. It collects and reports up to seven years of auto and personal property claims data, providing insurance risk scores to inform pricing and underwriting decisions.

LexisNexis Drive Optics

LexisNexis Risk Solutions provides a range of services to the auto insurance industry, including LexisNexis Drive Optics. Drive Optics is a solution suite that provides insights about driving and vehicle risk to help insurance companies deliver more personalized quotes.

LexisNexis generates consumer risk profiles for insurers, which include details such as dates, distances, start and end times, and instances of speeding, hard braking, or sharp accelerations. This information is provided by automotive manufacturers, such as General Motors, and used to create a risk score for insurers.

LexisNexis's services help insurance companies make more informed decisions about pricing and underwriting, as well as improve the accuracy and speed of quoting. The company also offers insurance claims management solutions, enabling friction-free claims resolution.

In addition to driving behaviour data, LexisNexis collects and reports auto and personal property claims data, as well as insurance risk scores, through its C.L.U.E. (Comprehensive Loss Underwriting Exchange) product. This information is used by the insurance industry to inform pricing and underwriting decisions.

LexisNexis's range of solutions for the auto insurance industry helps to streamline processes, improve customer experiences, and increase profitability for insurance providers.

LexisNexis consumer risk profile

LexisNexis Risk Solutions provides consumer risk profiles to insurance companies. These profiles are used to assess driving risk and provide insights that help insurers deliver more personalised quotes and coverage. LexisNexis sources driving data from automakers such as General Motors and shares it with insurance companies. This data includes information on driving behaviour, such as speeding, hard braking, and rapid acceleration, as well as trip details like distances and start and end times.

LexisNexis generates a risk score for insurers to use as one factor among many in creating personalised insurance coverage. This risk score is based on an analysis of driving data, including accident records, vehicle history, and police records. The company's Drive Optics solution suite offers end-to-end insights about driving and vehicle risk, enabling insurers to make more informed decisions.

Consumers can request their LexisNexis Consumer Disclosure Report, which includes information such as real estate transaction and ownership data, lien, judgment, and bankruptcy records, professional license information, and historical addresses. This report can be requested online, by mail, or by phone. It is important to note that consumers may face challenges in obtaining their report if they cannot confirm their identity or connect the information in their request with personal information in LexisNexis' possession.

The sale of driving data to LexisNexis by automakers like Chevrolet and GMC has raised concerns among consumers, who have reported increases in their car insurance rates. Some consumers have chosen to opt out of sharing their driving data, while others have cancelled services associated with data transmission.

LexisNexis Telematics OnDemand

Telematics OnDemand provides seamless and timely delivery of normalised and actionable driving behaviour data through the LexisNexis Telematics Exchange. The Exchange can ingest telematics data from US automakers, mobile apps, and third-party services. This includes leading automakers such as General Motors, Mitsubishi Motors North America, and Nissan North America. The Telematics Exchange was built leveraging LexisNexis' expertise in managing consumer data, its proprietary data linking technology, and advanced analytics capabilities.

With LexisNexis Telematics OnDemand, insurers can have scalable, convenient access to robust, normalised driving behaviour attributes, regardless of the source. They can eliminate complexity and optimise workflows by receiving timely insights through a single point of entry platform. This enables them to more accurately assess risk, price with precision, and deliver a better customer experience.

LexisNexis C.L.U.E. (Comprehensive Loss Underwriting Exchange)

The C.L.U.E. report contains the following information:

• The insurance company's name
• The property owner's name and date of birth
• Type of loss, such as theft or storm damage
• Details about the covered property
• The address if the property is a home
• Vehicle information for auto claims

Insurance companies use C.L.U.E. reports to assess the risk of covering an individual's property and set the appropriate rate for coverage. Insurers calculate rates based on the consumer's claims history. Therefore, the more claims in a consumer's history, the more likely insurance companies will charge higher premiums.

Consumers can obtain a free copy of their C.L.U.E. report once every 12 months. It is recommended to check the report for accuracy, as mistakes or errors can cause insurance companies to raise rates. LexisNexis must correct any inaccurate or incomplete information within 30 days of being notified.

LexisNexis also generates consumer risk profiles for auto insurers, which include detailed driving data such as dates, distances, start and end times, speeding, hard braking, and rapid accelerations. This data is used to create a risk score that insurers use to create more personalized insurance coverage.

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