Thatcham Research Selects LexisNexis Risk Solutions to Deliver Transformational Automotive Risk Intelligence to the U.K. Insurance Industry
LONDON, March 5, 2024 /PRNewswire/ -- In a major development for the U.K. insurance industry, LexisNexis® Risk Solutions, the data, advanced analytics and technology provider, has secured an exclusive strategic relationship with Thatcham Research, in the first contract of its kind with the insurer-funded automotive risk intelligence company. The strategic relationship is set to transform the accessibility, consistency and analytical power of Thatcham Vehicle Risk Data (VRD)i which is used to assign an industry-standard ABI Code and Group Rating score to vehicles. The VRD is integral to how insurers assess and rate risk for all wheels-based insurance products.
- The news comes as the Association of British Insurers, in close collaboration with Thatcham Research, has released its motor insurance affordability roadmapii.
- LexisNexis Risk Solutions will become the sole distributor of Thatcham VRD to the U.K. and ROI insurance market.
- This strategy makes LexisNexis Risk Solutions well-placed to unlock the potential in the Thatcham VRD product, creating transformational insights for motor insurance providers.
- The combination of Thatcham Research and LexisNexis Risk Solutions assets and intelligence is compelling, providing an exciting roadmap for new services and insights that will improve the overall motor insurance customer experience."