Thatcham Research has announced a strategic relationship with LexisNexis Risk Solutions.
The new partnership will transform the accessibility, consistency and analytical power of Thatcham Vehicle Risk Data (VRD), which assigns ABI Codes and Group Ratings to vehicles to help insurers assess and rate risk.
The news comes after the Association of British Insurers called for increased visibility of the Group Rating system to help consumers make more informed choices.
The first element of the agreement will see LexisNexis Risk Solutions become the sole distributor of Thatcham VRD, providing insurers, brokers and MGAs with real-time access.
LexisNexis Risk Solutions will also match vehicles to Thatcham VRD, delivering more granular data to help insurers identify risk-affecting vehicle features in the quoting process.
Meanwhile, the partners will also collaborate to unlock new vehicle data that does not exist today.
James Burton, Managing Director, UK and Ireland insurance, LexisNexis Risk Solutions, said, “We pride ourselves on being experts in insurance, and our vehicle strategy is both consistent with and complementary to the Thatcham Research vision. This strategy makes LexisNexis Risk Solutions well-placed to unlock the potential in the Thatcham VRD product, creating transformational insights for motor insurance providers.”
Jonathan Hewett, Chief Executive of Thatcham Research, said, “This exclusive relationship with LexisNexis Risk Solutions will allow Thatcham Research to focus efforts on research, testing and training, knowing that the insights we offer that are essential to how insurance providers derive premiums and assess risk will be managed by a trusted partner to the industry. 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.”
