Global car maker FCA Italy and LexisNexis® Risk Solutions, a leading data, analytics and technology provider, are developing a way of teaming up to offer European FCA customers the possibility of accessing a range of new, customised and advantageous car insurance services based on driving style and vehicle safety systems.
For FCA, the initiative announced today is part of the new global “ecosystem” for connected vehicles announced last April that will improve the online capabilities of FCA vehicles worldwide. In addition to offering an ideal technical environment for electric vehicles, the platform will also support the FCA range of mobility services, including pay-as-you-go options, insurance policies based on actual vehicle use, short, medium and long-term car rental and peer-to-peer car sharing solutions.
More specifically, the in progress collaboration will involve connected FCA vehicles on the roads of Europe. LexisNexis Risk Solutions will use its technological expertise in data analysis and management to provide innovative telematics solutions bespoke for each individual consumer to car insurance companies.
FCA and LexisNexis will develop their collaboration through a Pan-European Insurance Panel providing driving and connected vehicle data supplied by auto manufacturers and insurance companies that are part of the LexisNexis Telematics Exchange.
PORTABLE DRIVING HISTORIES
The analysed data, always used in accordance with personal data processing regulations and with the customers’ consent, will provide an overview of the risk and of the behaviour of the driver and the car. Starting from 2020, FCA customers will be able to share their telematics and vehicle data with LexisNexis and insurance companies to access advantageous, customised policies offered by the companies belonging to the platform.
Santo Ficili – Head of EMEA Mopar Service, Parts & Customer Care, Italy Business Centre & EMEA Sales Operation, commented on the start of the development of the collaboration:
“Our relationship with LexisNexis Risk Solutions brings together technological and data skills, which will allow us to develop new products and services for our customers based on their driving data and driver-assistance systems. 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.”
“FCA will play a role of primary importance in the automotive sector by offering connected vehicle services to its customers and using data in order to reduce the total cost of ownership,” declared Paul Stacy, automotive development director for LexisNexis Risk Solutions. “The interest of consumers to provide their consent to share data is destined to grow because they will be able to access particular services and FCA is ready to meet the needs of this evolved clientele.”
Insurance Edge Comment;
Brilliant news. Finally car users will have the chance to build up a personal driving history, which will act like an enhanced – and much more accurate – NCD. This can be transferred from company to private vehicles, from shared use cars within one household and so on.
Insurers will have the chance to look at someone’s driving style in detail, in various cars, and decide on the likely risk. Then price the policy accordingly. For many younger drivers this means that PAYG driving experience in ride-sharing vehicles will go some way to alleviating the huge premoums they have to pay when buying – or more likely renting – their first car.