With the LexisNexis SDK providers can build their own customer facing apps and create innovative solutions for the usage-based insurance market.
In a major development for the global telematics market, insurance providers building their own customer facing websites, apps and notifications for telematics programmes can now simply, and cost-effectively, plug into the LexisNexis® Global Telematics Platform and build innovative applications with the launch of one of the first Software Development Kits (SDK) for the usage-based insurance market.
The SDK launch demonstrates our commitment to supporting our customers’ growth in the telematics insurance market. Also, given the complexity the project, we believe it shows our continuing expertise and hunger to keep innovating, to ensure our customers are at a competitive advantage.
We have opened our platform and data environment to allow insurers and brokers to access our data processing systems in a secure, curated and documented environment and to build their own applications and websites using our platform as the core.
Our application development team has been building telematics apps for over ten years, and we believe they have developed more consumer usage-based insurance apps than any other company. The SDK now puts our accumulated technical knowledge and experience into the hands of insurers and brokers.
This is a development set to help insurance companies grow their market share more swiftly and more profitably through new products for new consumer segments, by enhancing an existing product, or by using better information to improve segmentation.
The LexisNexis Risk Solutions Software Development Kit solves:
- Cost: The insurance provider can access and build applications on the LexisNexis Global Telematics Platform (GTP) without the cost of developing a whole technical architecture and hosting environment to mirror what the GTP is designed for.
- Scale: The SDK empowers insurers and brokers with LexisNexis’ proven big data platform, including our industry-leading security and privacy practices.
- Speed of development: By leveraging LexisNexis’ pre-built platform technology and data management services, insurance providers can focus on consumer facing elements, design and delivery. They can simply add driver scoring and driver safety features to their existing applications
- Data handling consistency: Different devices deliver data at different frequencies and formats. The LexisNexis analytics team solves this problem for insurers by normalizing data from different sources, including auto manufacturers.
By using the LexisNexis Risk Solutions SDK, insurance providers can go to market at a fraction of the cost and in a fraction of the time required to build a product from scratch.
Keeping the applications up to date with the numerous software updates released for smartphones of all types is also a greater commitment and investment than many individual insurance companies are prepared to make. We have commented in a previous blog about how usage-based insurance is becoming less localised and experimental, now demanding product updates globally across many different hardware types and vehicle types. This development allows updates to be made quickly and more simply.
This SDK leverages the full power of the LexisNexis® Global Telematics Platform (GTP), offering a distinct advantage for insurers operating across borders. It is an important tool for product development as the industry looks ahead to capitalising on the wider market opportunity beyond young drivers, towards older and other higher-risk segments, as well as new segments such as low-mileage drivers associated with advanced connected vehicles.
LexisNexis Risk Solutions, a unit of RELX Group, is a global data technology and advanced analytics leader, with customers in over 100 countries worldwide.