The deal with Lexis Nexis Risk Solutions allows Fiat Chrysler Automobiles to give customers access to accurate insurance through data analytics.
Fiat Chrysler Automobiles Italy will offer connected vehicle owners cheaper insurance based on low-risk driving behaviour through a partnership with data analytics specialist LexisNexis Risk Solutions.
The two will develop their collaboration using driving and connected vehicle data supplied by auto manufacturers and insurance companies from the LexisNexis Telematics Exchange — a data analytics hub used to draw insights from driving behaviour and support more accurate insurance products.
FCA customers will be offered the chance to share data with insurers on the platform to access policies based on their specific risk, calculated by combining driving behaviour and the risk management features built into the vehicle — resulting in cheaper premiums for low-risk drivers.
Paul Stacy, automotive development director for LexisNexis Risk Solutions, told NS Insurance: “This relationship means that FCA customers will be offered the choice to consent to share their connected car data to receive benefits from FCA.
“This includes driving behaviour data enabling them to access a personal driving score, which means when they come to buy or renew their insurance, they can elect to share this score with the insurer, who will then have the opportunity to offer a discount — much in the same way telematics insurance works.”
“The insurers to benefit are those who have joined the FCA insurance panel — we have broad agreement from some of Europe’s top insurance groups.
“When an FCA driver gets a quote, there is an automatic flag that the consumer wants to share their driving score.
“This allows the insurers on the panel to price and discount for that consumer.
“Separately, because the insurer has vehicle build data, they can further make discounting choices based on the safety features the car is equipped with.”
Insurance as part of the FCA ecosystem
For FCA, this deal forms a key part of its long-term strategy to create an ecosystem of services for its customers — which includes access to custom insurance products.
In April this year, the firm partnered with tech providers Google and Samsung to create a suite of technology that predicts maintenance needs, locates fuel and charging stations, receives traffic prompts and restaurant offers, alongside live customer-care assistance.
FCA formed a partnership with Italian insurance giant Generali in November 2018, to give connected vehicle customers access to a range of telematics-driven insurance services, including usage-based cover.
This latest deal with LexisNexis Risk Solutions will expand access to behaviour-based car insurance and bring customers to more insurers in the market.
Santo Ficili, head of EMEA at Mopar, Chrysler Fiat’s parts, service and customer care branch, added: “Together, we can create innovative suggestions and offer more freedom of choice, more value and more convenience.
“Our involvement in the LexisNexis Telematics Exchange and working with the Pan-European insurance panel will also boost the development of insurance services for connected vehicles.”