Mitsubishi Drivers with the Road Assist+ App Now Have an Opportunity for Insurance Discounts at Point of Quote Thanks to LexisNexis Telematics OnDemand
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
LexisNexis Risk Solutions 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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