Mitsubishi Motors and LexisNexis Risk Solutions have partnered on a usage-based insurance proof of concept, intended to expedite telematics reporting for cars made by the Japanese automaker.
As part of the agreement, data collected using the pilot technology will integrate with LexisNexis Telematics Exchange platform, enabling Mitsubishi to improve analytics capabilities and help enroll drivers into usage-based insurance programs. Telematics Exchange collects and scores data from multiple sources, including auto manufacturers, dongle devices and smartphone apps, into a service that carriers can use to develop their UBI initiatives.
"Smartphones have transitioned from just being communication and entertainment devices to becoming resources for critical information," said Shingaku Kochi, manager of connected information business department at Mitsubishi, in a statement. "At Mitsubishi Motors we are looking for ways to tap into this evolving technology to give our owners more insight into their driving experience."
Mitsubishi is the first of three automakers disclosed publicly to partner with LexisNexis back in April. At the time, the software provider announced it had agreed to telematics deals with three car manufacturers, but did not reveal the companies’ identities.
"Our recent studies show that drivers want pay-as-you-drive insurance policies, but only a quarter are being offered these programs by their insurers," said Ash Hassib, SVP and general manager of auto and home insurance at LexisNexis Risk Solutions. “So the demand is here, and through our partnership with Mitsubishi, we're able to make UBI options more accessible for consumers and the data more efficient for insurers to utilize."
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