LexisNexis Acquires UK-based Telematics Service
Staff Writer | May 20, 2014
LexisNexis Risk Solutions announces it is expanding its global usage-based insurance (UBI) solutions with the acquisition of Wunelli, an industry-leading telematics data services company based in the United Kingdom.
“Wunelli brings telematics expertise, solutions, scores and unique data assets, experience with hundreds of millions of miles of telematics data that can help advance our existing telematics offering and provide our customers with greater ROI, and faster speed to market,” says Bill Madison, CEO, Insurance, for LexisNexis. “With usage-based insurance projected to grow to approximately 15 to 30 percent of the global auto insurance market in the coming years, our customers have communicated an increased need for a variety of telematics solutions to help them attract safer drivers, improve retention and avoid adverse selection.”
The combined LexisNexis and Wunelli datasets will result in one of the largest provider-held insurance telematics databases in the world, with solutions to support insurers as they assess risk, discount safer drivers and serve customers more effectively.
Wunelli Director, Sandy Dunn, said:
“LexisNexis and Wunelli share a complementary vision to provide the most comprehensive risk assessment solutions available to the insurance industry, and we look forward to combining our offerings,” says Sandy Dunn, Wunelli director. “LexisNexis data and analytics expertise, fast linking technology and HPCC Systems platform will help our customers execute on their global telematics strategies, while offering them an unparalleled level of insurance telematics service and support.”
In the UK, recent research shows that although only four percent of drivers currently have telematics fitted to their vehicles, almost 20 percent would consider telematics at their next renewal. LexisNexis 2013 Insurance Telematics Study found that in the U.S. discounts are the number one driver for UBI enrollment. Fifty percent of consumers are likely to sign up for a 10 percent discount while 36 percent would actually change insurers for a 10 percent discount.
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