Speeding Tickets And Auto Insurance: The Lexisnexis Factor

LexisNexis Risk Solutions provides information to businesses and governments to help them predict and manage risk. They generate consumer risk profiles for auto insurance companies, detailing driving behaviour, including speeding, braking, and acceleration. LexisNexis collects data from public records, publicly available sources, and third-party sources to create these profiles. Their reports can impact insurance rates and coverage, as they provide a comprehensive view of driving behaviour and vehicle risk. LexisNexis's data has shown that speeding violations have been on the rise, with an overall increase of 20% since 2015, peaking at a 25% increase nationally.

LexisNexis provides Motor Vehicle Records (MVR) from all 50 states

The MVRs provided by LexisNexis are comprehensive, covering a wide range of driving history information. This includes any moving violations, traffic tickets, and accidents that may have occurred within a given time period or throughout the driver's history. LexisNexis also offers a Standard Violation Code service to help customers make sense of the information provided by motor vehicle agencies. This service allows for a uniform violation reporting structure across different states, making it easier for customers to evaluate and use the data.

In addition to MVRs, LexisNexis also offers Auto Insurance Solutions, which enable faster and more accurate quoting, more informed underwriting, and friction-free claims resolution. By bringing together vehicle and driving data, LexisNexis helps insurance carriers assess driving risk more effectively. This includes solutions like LexisNexis Drive Optics, which provides end-to-end insights about driving and vehicle risk, and LexisNexis Telematics OnDemand, which delivers driving behaviour attributes in near real-time.

It's important to note that LexisNexis is not the only source of driving data for insurance companies. Automakers, such as General Motors, are also sharing consumer driving behaviour data with insurers. This data includes information on speeding, hard braking, and rapid accelerations, which can be used to create a risk score for insurance purposes. However, some drivers may be unaware that their driving data is being shared in this way.

LexisNexis Risk Solutions provides information to insurance carriers

LexisNexis Risk Solutions provides information solutions to insurance carriers, among other businesses and government bodies. The company helps its customers predict and manage risk, allowing them to build a more detailed picture of who they do business with, prevent fraud, investigate crimes, and keep communities safe.

LexisNexis's Auto Insurance Solutions product enables faster, more accurate quoting, more informed underwriting, and friction-free claims resolution. It helps insurance carriers to elevate the customer experience, boost profitability, and increase competitiveness. LexisNexis provides end-to-end insights about driving and vehicle risk, helping insurance carriers deliver more personalized quotes. The company's Drive Optics suite of solutions provides insights into driving risk, violations, vehicle risk, and telematics.

LexisNexis's Motor Vehicle Records product provides Motor Vehicle Records (MVR) from all 50 states, the District of Columbia, Puerto Rico, and the Canadian province of New Brunswick. The company offers a Standard Violation Code service, which allows customers to process new and renewal business through a uniform violation reporting structure, increasing efficiency.

LexisNexis's U.S. Auto Insurance Trends Report aggregates annual market data about auto insurance shopping, underwriting, and claims. The report explores how technology is shaping the auto insurance lifecycle and includes recommendations for insurers to leverage these trends to enhance their quoting, underwriting, and claims processes. The report reveals that distracted driving and major speeding violations are on the rise, emphasizing the importance of technology in shaping the auto insurance customer experience. It also identifies generational trends related to speeding violations, with all age groups showing an increase in major speeding violations since 2015, and a decline in aggregate speeding violations (both major and minor) since 2017.

LexisNexis Drive Optics provides insights about driving and vehicle risk

LexisNexis Risk Solutions provides a comprehensive suite of solutions that offers end-to-end insights about driving and vehicle risk. The LexisNexis Drive Optics suite helps insurers improve decision-making accuracy and speed by providing a holistic view of driving and vehicle-related risks.

LexisNexis Drive Optics offers three key solutions:

• Vehicle Risk Intelligence: This solution provides enhanced and detailed vehicle-related information, including connected mileage and advanced driver assistance systems (ADAS). It also incorporates detailed data on vehicle safety features, such as the Vehicle Identification Number (VIN) level, to help insurers unlock vital information about the safety-feature technology within customers' vehicles.
• Driving Risk Insights: Based on violations and near real-time telematics driving data, this solution helps insurers identify drivers with adverse driving histories. It provides violation indicators specific to an insurer's criteria or thresholds, ensuring that the right premium is aligned with the risk.
• Telematics Solutions: These solutions offer near real-time insights into how a consumer operates a vehicle. They utilize data from multiple sources, including embedded connected-car technology, to help consumers improve their driving habits. Insurers can use these solutions to prepare for changing driver risks and preferences and improve the claims experience.

LexisNexis Driving Behavior 360 (DB360) is a key component of the Drive Optics suite. DB360 combines multiple sources of traffic violation data into a single, easy-to-understand view, providing greater visibility into driving records. This helps insurers better assess risk and capture otherwise missed premiums.

LexisNexis also provides Motor Vehicle Records (MVR) from all 50 states in the US, as well as Puerto Rico and the Canadian province of New Brunswick. The Standard Violation Code service helps customers process new and renewal business through a uniform violation reporting structure, increasing efficiency.

LexisNexis Auto Insurance Solutions enable more accurate quoting

LexisNexis Auto Insurance Solutions provide accurate and comprehensive risk insights to help insurance companies elevate the customer experience, boost profitability, and increase competitiveness. The data analytics tools offered by LexisNexis provide a more holistic view of consumers and their risk profiles, enabling more accurate quoting and underwriting.

LexisNexis's data sources include motor vehicle records from all 50 states, the District of Columbia, Puerto Rico, and the Canadian province of New Brunswick. This comprehensive data is processed through the Standard Violation Code service, which provides a uniform structure for reporting violations, making it easier for insurance companies to evaluate and use the information.

LexisNexis's quoting and underwriting solutions leverage robust data and analytics to speed up the insurance quoting process. The LexisNexis® Drive Optics solution suite, for example, provides end-to-end insights into driving and vehicle risk, helping insurance companies deliver more personalized quotes. By integrating data from automakers about vehicle and driving data, LexisNexis enhances the ability of insurance carriers to accurately assess risk.

LexisNexis's data-driven insights provide a better understanding of risk for insurance companies. For instance, the LexisNexis® C.L.U.E. Auto® Damage 360 dataset helps identify incremental events not tied to a claim, such as accident records and police data, enabling more precise risk rating. Additionally, LexisNexis® Telematics OnDemand delivers near real-time driving behavior attributes, allowing for more accurate risk assessment and pricing.

In conclusion, LexisNexis Auto Insurance Solutions enable more accurate quoting by providing insurance companies with comprehensive data, advanced analytics, and insights into driving and vehicle risk. This helps insurance companies make more informed decisions, improve the customer experience, and increase profitability.

LexisNexis Auto Insurance Trends Report reveals speeding violations are up

LexisNexis Risk Solutions has released its annual US Auto Insurance Trends Report, which aggregates market data about driving behaviours, consumer auto insurance shopping, underwriting and claims to help insurance carriers understand evolving trends. The report reveals that speeding violations are up, with major speeding violations consistently rising 20% since 2015, and peaking at a 25% increase nationally.

The report highlights that all five age groups defined by LexisNexis—Generation Z, Millennials, Generation X, Baby Boomers and Traditionalists—experienced an increase in major speeding violations, with more than 30% growth since 2015. Millennials represent 55% of all speeding violations, while the oldest group, Traditionalists (aged 71+), saw the highest relative growth in 2019.

Despite this, the report also notes that overall speeding violations (both major and minor) have declined nationally since 2017. This is attributed to the increased use of driving technologies, such as GPS navigation apps, which can help drivers adjust their speed.

The LexisNexis report underscores the importance of technology in shaping the auto insurance industry and customer experience. It recommends that insurers leverage these trends to enhance their quoting, underwriting and claims processes. For example, by utilising real-time telematics data, vehicle data and trended insights, insurers can provide more personalised services and build trust with their customers.

In addition to speeding violations, the report also addresses other driving violations, such as distracted driving and driving under the influence (DUI). It is worth noting that LexisNexis provides Motor Vehicle Records (MVR) from all 50 states in the US, as well as from Canada and Puerto Rico, to help evaluate driver histories.

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