LexisNexis Risk Solutions Teams with Kia America to Unlock the Power of ADAS for Kia Customers Shopping for Insurance

Rhea-AI Summary

Kia America has partnered with LexisNexis Risk Solutions to provide vehicle build data aimed at helping U.S. customers with advanced driver assistance systems (ADAS) use this data for auto insurance purposes. The LexisNexis Vehicle Build will assist insurers in evaluating ADAS features, potentially leading to lower premiums for Kia owners and reducing overall vehicle ownership costs. ADAS-equipped vehicles have shown promising statistics, including a 27% reduction in bodily injury claim frequency, according to LexisNexis analysis.

Positive

• Partnership with LexisNexis could lower insurance premiums for Kia owners.
• ADAS-equipped vehicles linked to a 27% reduction in bodily injury claims.

Negative

• None.

ATLANTA, Sept. 13, 2021 /PRNewswire/ -- Kia America has entered into an agreement to supply vehicle build data to LexisNexis^® Risk Solutions, a leading data, analytics and technology provider, to help Kia owners across the U.S. potentially benefit from their cars' advanced driver assistance systems (ADAS) when they shop for auto insurance. LexisNexis^® Vehicle Build provides data regarding ADAS features in Kia vehicles in order to help U.S. auto insurers utilize ADAS data in insurance rating and underwriting, ultimately to help potentially reduce the total cost of vehicle ownership for consumers.

ADAS-equipped vehicles continue to rise in popularity and have been linked to reduced accidents and driver riskⁱ. LexisNexis Vehicle Build normalizes and standardizes vehicle build data at the vehicle identification number (VIN) level, enabling U.S. insurance carriers to more easily access and integrate specific details about ADAS features of a Kia vehicle model at the point of quote. When Kia customers shop for auto insurance, the insurance provider can factor for the ADAS features on their car and potentially offer a lower premium, rewarding owners for their investment in driver assistance technology and helping reduce the total cost of vehicle ownership.

"Working with a creative, forward-thinking brand like Kia America, determined to solve its customers' challenges, enables LexisNexis Risk Solutions to continue to connect automakers and insurers, which could potentially benefit consumers who have chosen and invested in advanced driver assistance features," said Adam Hudson, vice president and general manager, U.S. Connected Car, at LexisNexis Risk Solutions. "With newfound underwriting data available through LexisNexis Vehicle Build, guesswork involving a vehicle's ADAS features is now a thing of the past, and we look forward to continuing to bridge the automotive and insurance markets so consumers can shop for auto insurance in a new and empowering way."  

For U.S. automakers to learn more about our automotive industry offerings, visit Solutions for Automakers.

To learn more about LexisNexis Vehicle Build and our LexisNexis Connected Car solutions for insurers, visit LexisNexis Insurance.

About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

Media Contacts:
Regina Haas
LexisNexis Risk Solutions
Phone: +1.678.694.3569
Regina.Haas@lexisnexisrisk.com 

Dean Carney
Brodeur Partners for LexisNexis Risk Solutions 
Phone: +1.646.746.5607
Dcarney@brodeur.com 

ⁱ https://risk.lexisnexis.com/about-us/press-room/press-release/20200618-vehicle-build - LexisNexis Risk Solutions analyzed 11 million randomly selected U.S. vehicles within model years 2014-2019, and using proprietary information compared vehicles equipped with a set of core ADAS features against vehicles without those features. LexisNexis found that ADAS equipped vehicles showed a 27% reduction in bodily injury claim frequency and a 19% reduction in property damage frequency, but also found that severity for ADAS-equipped vehicles was not significantly impacted.

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SOURCE LexisNexis Risk Solutions

FAQ

What is the significance of Kia's partnership with LexisNexis?

Kia's partnership with LexisNexis aims to provide vehicle build data to help customers with ADAS potentially lower their auto insurance premiums.

How does ADAS impact insurance rates for Kia vehicles?

ADAS features in Kia vehicles could lead to lower insurance premiums due to their association with reduced accident risks.

What financial benefits could Kia customers see from this partnership?

Kia customers might experience reduced total vehicle ownership costs through potentially lower insurance premiums.

What percentage reduction in claims has been reported for ADAS-equipped vehicles?

LexisNexis reported a 27% reduction in bodily injury claim frequency for ADAS-equipped vehicles.

When was the partnership between Kia and LexisNexis announced?

The partnership was announced on September 13, 2021.