LexisNexis Risk Solutions has partnered with Sabre Insurance in a bid to deliver data on the presence and performance of Advanced Driver Assistance Systems (ADAS) at the point of quote, through LexisNexis Vehicle Build.
Using LexisNexis Vehicle Build, Sabre Insurance will be able to price personal and commercial motor customers, factoring for the specific safety features fitted to an individual vehicle and how those features work together to support a reduction in claims frequency.
The solution identifies ADAS at a Vehicle Identification Number (VIN) level, which in turn enables insurers to see the standard fitment of safety technology, as well as the optional ADAS selected at purchase.
It was developed to help motor insurance providers factor for the increasing penetration of ADAS equipped cars in the UK and Europe, and a corresponding reduction in claims frequency.
The insights offered by LexisNexis Vehicle Build can reportedly help to improve loss and expense ratios and support more competitive pricing.
Matt Wright of Sabre Insurance said: “The valuable insight we will gain on vehicle risk through LexisNexis Vehicle Build can help us deliver more personalised and accurate quotes to customers and help keep Sabre at the forefront of pricing sophistication in both our personal motor and commercial motor books of business.
“Knowing both the standard and the selected optional fitment gives us a full picture of all the ADAS on a vehicle, how those features behave and the combinations of ADAS that work together to help mitigate risk.”
He added: “This intelligence will support greater risk segmentation. We are excited to begin using LexisNexis Vehicle Build to support policy pricing through our broker partners and through our direct brands.”
Carla McDonald, senior vertical market manager, LexisNexis Risk Solutions UK and Ireland, said: “We are delighted to expand our relationship with Sabre Insurance. Motor insurance providers are hungry for more information about the vehicle to help support fair and competitive pricing.
“LexisNexis Vehicle Build brings a new and powerful layer of insight, helping to build a clearer picture of risk based on how the vehicle is equipped and how those ADAS functions work collectively to reduce claims in the real world. This relationship provides further evidence of the power of this new vehicle centric data to the insurance market.”