Thatcham Research selects LexisNexis Risk Solutions to deliver transformational automotive risk intelligence to the UK insurance industry
Data Leader Brings Speed, Automation, Consistency to Industry’s Integral Motor Risk Assessment and Rating Data
In a major development for the U.K. insurance industry, LexisNexis® Risk Solutions, the data, advanced analytics and technology provider, has secured an exclusive strategic relationship with Thatcham Research, in the first contract of its kind with the insurer-funded automotive risk intelligence company. The strategic relationship is set to transform the accessibility, consistency and analytical power of Thatcham Vehicle Risk Data (VRD) which is used to assign an industry-standard ABI Code and Group Rating score to vehicles. The VRD is integral to how insurers assess and rate risk for all wheels-based insurance products.
The news comes as the Association of British Insurers, in close collaboration with Thatcham Research, has released its motor insurance affordability roadmap. This includes recommendations to increase visibility of the Group Rating system, which would help consumers make more informed choices on their motor insurance based on the vehicle they choose. This collaboration will help support these actions and recommendations, making it easier for insurance providers to be transparent with customers over vehicle ratings as car safety technology evolves.
The first element of the agreement focuses on streamlining and automating access to the VRD. LexisNexis Risk Solutions has the widest data distribution network into the U.K. insurance sector, streamlining data directly into insurers, brokers, managing general agents (MGAs), insurtechs, software houses and third-party data providers, to support billions of insurance quotes per month. LexisNexis Risk Solutions will become the sole distributor of Thatcham VRD to the U.K. and ROI insurance market.
Leveraging this unique network, insurance providers, including insurers, brokers, MGAs, insurtechs and software houses, will be able to access Thatcham VRD in real time for the first time, alongside additional public, third party and proprietary data sources, as part of a streamlined risk assessment and decisioning process, via the LexisNexis® Informed Quotes platform.
The second element of the agreement focuses on consistent matching of Thatcham VRD to vehicle registrations. As part of the strategic relationship with Thatcham Research, LexisNexis Risk Solutions will use its extensive linking and data normalisation expertise to match vehicles to Thatcham VRD (incorporating the Group Rating, Variant Code and ABI Code datasets). This will create greater consistency for insurance providers by delivering more granular data to support the identification of risk-affecting vehicle features in the quoting process regardless of the quoting platform.The third element of the agreement will focus on uncovering new, predictive vehicle intelligence. Leveraging its long track record of building new and innovative vehicle data products, LexisNexis Risk Solutions will collaborate with Thatcham Research in exploring the possibility to unlock significant intelligence on vehicles that does not exist today.
James Burton, managing director, U.K. and Ireland insurance, LexisNexis Risk Solutions, said: “We pride ourselves on being experts in insurance, and our vehicle strategy is both consistent with and complementary to the Thatcham Research vision. This strategy makes LexisNexis Risk Solutions well-placed to unlock the potential in the Thatcham VRD product, creating transformational insights for motor insurance providers. As an organisation, we are passionate, driven by the opportunity to help Thatcham Research customers, our customers and our shared customers realise the benefits of this relationship as they look to improve profitability, operational efficiency, reduce claims costs and improve the customer experience.”
Jonathan Hewett, chief executive of Thatcham Research, said: “This exclusive relationship with LexisNexis Risk Solutions will allow Thatcham Research to focus efforts on research, testing and training, knowing that the insights we offer that are essential to how insurance providers derive premiums and assess risk will be managed by a trusted partner to the industry. We are pleased to be able to offer insurance providers greater access to vital data which may not have been accessible previously. The combination of Thatcham Research and LexisNexis Risk Solutions assets and intelligence is compelling, providing an exciting roadmap for new services and insights that will improve the overall motor insurance customer experience.”
Visit our website to learn more about the strategic partnership between LexisNexis Risk Solutions and Thatcham Research.
