ATLANTA, January 23, 2017 / PRNewswire / – LexisNexis risk management solutions evolved its machine learning in Driver Signature™ analytics, its proprietary technology for insurance telematics programs, increasing the accuracy in identifying the driver for a given trip based on driving style. After collecting a number of trips within the minimum driving distance, an individual driving pattern can be established. The model requires nominal future interaction with the policyholder to denote that they were driving, rather than in the passenger seat of a vehicle, in a taxi or on a bus.
Driver Signature builds on the billions of miles of driving behavior data accumulated since LexisNexis Risk Solutions created its telematics platform in 2009. The telematics platform has the ability to collect, process, standardize and score data. driving data from smartphone apps, as well as OBDII devices, 12-volt devices and connected cars from automakers, aka original equipment manufacturers (OEMs).
“Identifying a driver entirely through their driving behavior data with minimal reliance on customer confirmation is the key to a better customer experience,” said David Lukens, Telematics Director, LexisNexis Risk Solutions. “Driver Signature Analysis is a unique identifier that identifies drivers based on their individual driving habits and habits, and continues to learn over time to become more accurate as it analyzes the driver behavior. “
Driver Signature uses machine learning and advanced analytics to identify when an insured is driving, allowing insurance companies to offer telematics programs without the need for an additional aftermarket device to install in the vehicle. Once a set of driving model attributes are developed, a driver signature analysis model is applied to classify the trips as a driver trip or a passenger trip. The model is then used as a basis for recording all future trips.
Until now, US insurers offering usage-based insurance policies (UBI) had to trust that the policyholder was the person driving the car and not a partner, friend, young driver or driver. a parent. Driver signature analysis can reduce the risk of fraud for policyholders claiming to drive when they don’t and vice versa, and offer insurers a new level of confidence in the use of smartphone apps.
There are recommended defaults and insurers will be able to choose custom settings, including the minimum number of trips and minimum distance for trips, as well as the classification threshold. The customer interaction required during this process is limited, making it a critical catalyst for the continued adoption of UBI by consumers.
LexisNexis risk management solutions
LexisNexis Risk Solutions is a leader in providing essential information that helps clients in all industries and governments predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that meet the changing needs of clients in the risk industry while upholding the highest standards of security and privacy. LexisNexis Risk is part of RELX Group, one of the world’s leading providers of information and analysis for professional and business clients in all industries.
SOURCE LexisNexis Risk Solutions