|By Business Wire||
|May 20, 2014 07:32 AM EDT||
LexisNexis® Risk Solutions today announced 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. Together, the companies will empower insurers to leverage telematics data to make timely, informed decisions, reduce risk exposure and improve consumers’ experience with usage-based insurance.
“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,” said Bill Madison, CEO, Insurance, LexisNexis. “With usage-based insurance projected to grow to approximately 15-30% 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. 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 U.K., recent research shows that although only 4% of drivers currently have telematics fitted to their vehicles, almost 20% would consider telematics at their next renewal. A LexisNexis 2013 Insurance Telematics Study found that in the U.S., discounts are the number one driver for UBI enrollment – 50% of consumers are likely to sign up for a 10% discount, while 36% would actually change insurers for a 10% discount.
Wunelli, founded in 2007, has spent years enhancing its extensive data capabilities and developing its own telematics hardware and applications to safely collect and score data. This expertise enables insurers to better understand their customers’ driving behaviour with the industry’s most accurate driving data and trusted driving scores, through a range of tailored products and services.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a world leading provider of professional information solutions.
About Reed Elsevier
Reed Elsevier Group plc is a world leading provider of professional information solutions. The group employs approximately 28,000 people of whom half are in North America. Reed Elsevier Group PLC is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV; the combined market capitalisation of the two parent companies is approximately £19bn/€23bn. Its shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RUK and ENL.
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