Italy has the highest motor telematics adoption rates in the world and it has many IoT experiments and pilots underway to continue a tradition of being highly innovative. Against the current market conditions, there is much insurers can do to improve financial results, such as enhancing the types of products they sell and engaging customers more effectively: driving digital efficiency and cutting costs, whilst also having one eye on the long-term investment needs.
Ecosystems and exchanging information across data platforms like our own Global Telematics Exchange will be one way for insurers to realise the promise of connected insurance. Some will want to be at the centre of these ecosystem-driven solutions, focusing on consumer need in a highly personalised way, while others will want to provide niche services.
In the context of this new data-driven environment and this quest for value, Christian Kuhn, Business Development Director for Europe, LexisNexis Risk Solutions, will be speaking at the seventh edition of the Italy Insurance Forum, in Milan 16 July, held in association with IKN and Insurance Club
He will be explaining how our data scientists at LexisNexis Risk Solutions have logically sequenced, classified and ranked vehicle safety features to help insurers factor for ADAS in pricing, adjustments and renewals.
The evolution to vehicle-centric data in underwriting and pricing
The creation of the first VIN-level Advanced Driver Assistance Systems (ADAS) classification enables us to understand what features are on a car, and what reduction these features have on loss frequency.
Our LexisNexis Risk Solutions research demonstrates that ADAS-equipped vehicles showed a 27% reduction in bodily injury claim frequency and a 19% reduction in property damage frequency. At the Italy Insurance Forum we will demonstrate how these, and other insights, contribute to a rating indicator that ranks each vehicle by the expected loss frequency, given the VIN-level safety features fitted.
Most cars manufactured since 2014 come equipped with one or more ADAS features. At LexisNexis® we aggregate multiple data sources to create actuarial-grade predictive models, based on claims that assess and comparatively ranks the effectiveness of ADAS features.
Insurers can use this to enhance pricing options at point-of-quote and drive consumer renewal and retention strategies.
The Italy Insurance Forum brings together many of Italy’s leading insurers and technology companies to discuss how to create new mindsets for a structured approach to innovation. LexisNexis Risk Solutions will be speaking alongside organisations including AssoFintech, Credit Agricole Assicurazioni e Credit Agricole Vita, BNP Paribas Cardif, Allianz Partners, Reale Mutua Assicurazioni, UnipolSai.
The full agenda and free registration details to attend the live streaming can be found on the Italy Insurance Forum website.