LexisNexis Risk Solutions and Nationwide have been selected by TU-Automotive to deliver the opening keynote at the 7th annual Connected Car Insurance conference at the Radisson Aqua Blu in Chicago, Ill., on Sept. 7, 2016. LexisNexis Risk Solutions, a leading provider of data, analytics and technology, and Nationwide, one of the largest insurance and financial services companies in the United States, will discuss the importance of a data agnostic platform as well as their innovative partnership to deliver the industry’s next-generation insurance telematics protogram.
The conference brings together leaders and experts from across the connected car and auto insurance industry to discuss key business issues around usage-based insurance (UBI). David Lukens, Director of Telematics, LexisNexis Risk Solutions, and Larry Thursby, Vice President Property & Preferred Auto Product, Nationwide, will explain how aggregating UBI data into a single data source is critical for long-term success.
“We live in a time where the ecosystem of telematics data is expanding at a rapid rate,” said David Lukens, Director of Telematics, LexisNexis Risk Solutions. “It’s increasingly important that insurance companies normalize all data into one consistent data set for UBI to be effective, despite it coming from disparate sources. Nationwide understands that technology will continue to evolve and is using that foresight to guide the development of its SmartRide mobile program.”
As the connected car ecosystem evolves, more sources of data to integrate are creating a complex landscape for insurers to navigate. The keynote will explore the issues and opportunities facing insurance companies, including:
- A view on how connected car insurance will evolve over the next five years and beyond through original equipment manufacturer (OEM) ascendency and new streams encompassing the wider Internet of Things (IoT) ecosystem.
- Keeping up with the evolving landscape of privacy and security with respect to compliance requirements in order to best position new solutions.
- How to overcome data fragmentation by normalizing and enriching data from multiple sources to find the key to a successful UBI program.
“With more connected vehicles and evolving OEM solutions, through our work with LexisNexis Risk Solutions we are able to provide our customers with the most innovative solutions resulting in greater control of their rates,” said Larry Thursby, Vice President Property & Preferred Auto Product at Nationwide. “By reporting in a uniform data set through the SmartRide mobile app, we’ve been able to take the first step in developing a truly source-agnostic rating strategy for the future.”
Find out more about this event by visiting www.tu-auto.com/connectedcar-insurance-us.