Using Telematics Data During Shopping Process Helps Insurers Deliver More Personalized Auto Insurance Offers to Drivers and Gives Automaker New Avenues to Offer Benefits to Its Vehicle Owners
ATLANTA, Nov. 11, 2021 /PRNewswire/ — LexisNexis® Risk Solutions today announces the addition of Mitsubishi Motors North America (MMNA) telematics data from its Mitsubishi Road Assist+ app to LexisNexis® Telematics OnDemand, a solution that seamlessly integrates telematics-based driving behavior data into auto insurer rating and underwriting workflows. Now when Mitsubishi vehicle owners, who have opted in to share their data for insurance purposes, shop for auto insurance in the U.S., they are able to use their Road Assist+ telematics data to potentially earn discounts on their insurance premiums as early as point of quote.
U.S. auto insurers can leverage driving behavior insights earlier in the insurance shopping process at the point of quote, as well as at underwriting and renewal, using normalized telematics data from the Mitsubishi Road Assist+ app from insurers using LexisNexis Telematics OnDemand. Telematics OnDemand delivers attributes and scores, harnessing data from participating automakers of the LexisNexis® Telematics Exchange.
Auto insurers can offer customers and prospects who are Mitsubishi vehicle owners and users of the Mitsubishi Road Assist+ app more personalized pricing and usage-based insurance (UBI) options with the potential for an immediate discount. This approach helps auto insurers leverage driving behavior information – with no upfront monitoring period. Insurers can also gain critical insights for rating and pricing consumers based on how they drive, and further their own growth strategies through greater risk assessment.
“As the automotive and auto insurance industries desire greater data sophistication and decision-making insights, telematics data is key to unlocking added value for the auto insurer, the automaker and ultimately their shared customer,” said Marc Gordan, head of global telematics product strategy and development, U.S. Connected Car, LexisNexis Risk Solutions. “Expanding the Mitsubishi Motors telematics app data to now be included in our Telematics OnDemand solution demonstrates the significance of telematics data in further unifying and enabling these industries to offer consumers more streamlined, personalized pricing experiences in exchange for sharing their driving data. We’re pleased to have Mitsubishi Motors as the first automaker to make their app data available through Telematics OnDemand and to be able to further execute on our strategy to provide source-agnostic data solutions to the insurance market.”
By participating in the Telematics Exchange, automakers can provide an added benefit to their vehicle owners by offering a way for their customers to share their driving data more easily with insurers, allowing consumers to take advantage of their good driving behavior and insurers to more appropriately evaluate the risk from the beginning of the relationship.
“Mitsubishi Motors is always looking for ways to improve the customer experience and identify technologies that provide a high degree of ownership quality,” said Cason Grover, director, product planning at Mitsubishi Motors North America. “By making our Mitsubishi Road Assist+ telematics data available via Telematics OnDemand, we have the potential to lower the total cost of ownership which includes insurance costs for Mitsubishi customers who opt in to sharing this information. This gives them a more efficient and personalized offering, and gives auto insurers an easy way to offer personalization when our customers are shopping for insurance.”
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About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
About Mitsubishi Motors North America, Inc.
Through a network of approximately 330 dealer partners across the United States, Mitsubishi Motors North America, Inc., (MMNA) is responsible for the sales, marketing and customer service of Mitsubishi Motors vehicles in the U.S. MMNA was the top-ranked Japanese brand in the J.D. Power 2021 Initial Quality study, ranking third overall and tied with Lexus. In its Environmental Targets 2030, MMNA’s parent company Mitsubishi Motors Corporation has set a goal of a 40 percent reduction in the CO2 emissions of its new cars by 2030 through leveraging EVs — with PHEVs as the centerpiece — to help create a sustainable society.
With headquarters in Franklin, Tennessee, and corporate operations in California, Georgia, Michigan, New Jersey, Texas, Florida and Virginia, MMNA directly and indirectly employs more than 8,000 people across the United States.
For more information on Mitsubishi vehicles, please contact the Mitsubishi Motors News Bureau at 615-257-2698 or visit media.mitsubishicars.com.
Media Contacts:
Regina Haas
LexisNexis Risk Solutions
Phone: +1.678.694.3569
Regina.Haas@lexisnexisrisk.com
Dean Carney
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5607
Dcarney@brodeur.com
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