Telematics provider Modus has partnered with LexisNexis Risk Solutions on its data consortium, aimed at developing carriers’ usage-based insurance platforms, the companies announced.
The move follows previous partnerships by the vendor with insurtechs and automakers, most recently TrueMotion and Mitsubishi in June. Modus, founded in 2002, offers advanced connected-car software, which tracks driver performance for carriers and fleet managers in order to create better risk profiles for underwriting.
“Vehicle telematics have become an integral part of the new wave of usage-based insurance,” said Brandon Johnson, CEO of Modus, in a statement. “We have seen an increased adoption of programs using multiple data collection models simultaneously.”
Fellow vendor Verisk Analytics and startups Automatic Labs and Israeli-based Otonomo are other examples in insurance of tech companies keen on selling driver data to insurers through exchanges.
LexisNexis Telematics Exchange processes car data gathered from multiple sources, including auto manufacturers, dongles and smartphones. Once the information is compiled, LexisNexis uses advanced analytics and predictive modeling to score the data.
“This alliance allows LexisNexis to leverage core competencies, pairing the experience of Modus with telematics devices, mobile apps, and data,” said Ash Hassib, SVP and GM of auto and home insurance at LexisNexis. “Our insurance customers need to be able to move quickly and adapt to evolving technology to optimize their [UBI] programs and we’re helping them do that.”
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