In a major development for the global telematics market, insurance providers building their own customer facing websites, apps and notifications for telematics programmes can now simply and cost-effectively plug into the LexisNexis® Global Telematics Platform and build innovative applications with the launch of one of the first Software Development Kits (SDK) for the usage-based insurance market.
David Lukens, Director of Telematics and Global Products, Insurance, LexisNexis Risk Solutions said: “The SDK demonstrates our commitment to supporting our customers’ growth in the telematics market given the complexity of such a project, as well as our expertise and drive to keep innovating to ensure our customers are at a competitive advantage.
“We have opened our platform and data environment to allow insurers, brokers and third party developers to access our data processing systems in a secure, curated and documented environment and to build their own applications and websites using our platform as the core. Our application development team has been leading the way, building and optimising telematics apps for over a decade. The SDK takes this technical knowledge and vast experience and puts it into the hands of insurers and brokers.”
This development is set to help insurance companies grow their market share more swiftly and more profitably through new products for new consumer segments, by enhancing an existing product, or by using better information to improve segmentation.
David Lukens continues: “By using the LexisNexis Risk Solutions SDK, insurance providers can go to market at a fraction of the cost and in a fraction of the time required to build a telematics product from scratch. Keeping the applications up to date with the numerous software updates released for smartphones of all types is also a greater commitment and investment than many companies are prepared to make. Utilizing our SDK allows updates to be made more quickly and more simply.
“This SDK leverages the full power of the LexisNexis Global Telematics Platform (GTP), offering a distinct advantage for firms operating across borders. This is the ultimate tool for product development as the sector looks to capitalise on the wider market opportunity beyond young drivers.”