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.”
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Lucens Group Announces Corporate Name Change to Claimify to Reflect Commitment to its Software Platform
- The Co-operators Drives Innovative Claims Process with Guidewire InsurancePlatform Cloud-Based Predictive Analytics System
- Insurance Technologies Releases FireLight® e-Delivery to Seamlessly Automate the Delivery of All Insurance and Retirement Policies and Documents
- Global IQX API Unleashes Wealth of Data for Employee Benefits Insurers
- Survey: Millennial business owners most likely generation to work with insurance agents
- Duck Creek Technologies Reports 85% Bookings Growth and 30% Revenue Growth in SaaS-Delivered Enterprise Software Solutions for Fiscal Year 2018
- Optimum General Selects Guidewire InsurancePlatform for Core Operations
- Blue Cod Technologies Announces Corporate Name Change to Activer Solutions
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE