Motor insurer Admiral is to use advanced driver assistance systems data in its pricing and underwriting. The data will come from LexisNexis Vehicle Build, a system developed by LexisNexis Risk Solutions to help insurance providers identify the specific standard and optional ADAS fitted to a particular vehicle.
Mark Gabriel, head of van insurance and motor product for Admiral, said: “The more we can understand about the specific ADAS fitments to the car, the more accurate our pricing. This is not only fairer for our customers who have invested in ADAS equipped vehicles, but having this insight through LexisNexis Vehicle Build also helps prepare for the future where cars will have increasing levels of autonomy.”
Carla McDonald, senior manager, motor insurance, UK and Ireland, at LexisNexis Risk Solutions, said: “ADAS features exist to avoid or reduce the seriousness of collisions, so as the features become more common, the dynamics of claims will change. For insurance providers like Admiral, this aligns to their business objectives, helping to improve their bottom line.
“Using our classification of ADAS from millions of lines of data, motor insurance providers can understand and use the features of a car and their relative performance to improve their pricing accuracy.”
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