LexisNexis Risk Solutions has introduced a new contextual telematics insurance model in the US.
The LexisNexis Attract for Telematics model will apply geospatial context to driving events to better understand drivers response in various situations.
It can also offer predictive lift, along with existing rating plans, and improve segmentation through the entire spectrum of risks.
The Telematics model is currently available in 49 US states and the District of Columbia.
LexisNexis Risk Solutions Telematics director David Lukens said: "Telematics scoring continues to evolve, and understanding the context in which drivers make different decisions is a critical next step in this evolution.
"The same behaviors can mean very different things in terms of risk outcomes depending on the situation in which they occur, and getting this context right can nearly double the predictiveness of driving behavior models.
"It’s these insights from robust data and analytics that will drive a carrier’s actions for risk selection and help them differentiate their usage-based insurance programs in the marketplace."
Attract for Telematics is designed as a suite of predictive models for auto insurers. The model scores an individual’s driving behavior across several types of vehicles, using multiple data sources. It tracks vehicle usage patterns across various drivers.
The company said the solution can provide results on individual driver, household level or vehicle.
The model uses geospatial data and a contextual scoring system that depends on accurate GPS data, roadmaps and speed limit data.
By providing roadway context like location and speed limit, insurers will be able to differentiate between safe and unsafe driving behaviours, the company claims.
Image: New Telematics insurance model gauges drivers’ response in different situations. Photo: Courtesy of stockimages/FreeDigitalPhotos.net.