Thatcham, Berkshire, UK – Thatcham Research, a pioneer in automotive risk intelligence, is proud to announce a groundbreaking collaboration with LexisNexis® Risk Solutions, a leader in data analytics and technology. 

As technology continues to drive unprecedented evolution within the automotive industry, Thatcham Research will leverage its expertise in understanding and navigating these changes to enhance the accessibility, consistency, and predictive power of its vehicle risk data (Thatcham VRD), which includes the well-known Group Rating, Variant Code, Code 44 and ABI Code datasets. This data will now be made available in near real-time through LexisNexis® Informed Quotes which delivers high volume data enrichment throughout the insurance lifecycle from quote to claim, enabling insurance providers to make better, more accurate decisions on the risks presented.

The collaboration will streamline data integration processes, offering a comprehensive and holistic view of risk factors, thereby significantly improving decision-making in insurance. This collaboration will ensure a single and consistent source of data for matching Thatcham VRD to vehicle registrations, enabling the precise identification of the consumer’s vehicle and the features fitted to it.

In addition, the collaboration will explore innovative vehicle data products to support the development of more sophisticated and predictive risk models. This approach will adapt to evolving vehicle technology and its implications for insurance risks and elevate the customer experience by enhancing data accuracy and consistency. 

Key benefits of the Thatcham Research and LexisNexis Risk Solutions relationship

• Real-time access: Insurers can access Thatcham VRD in real-time, allowing for prompt and accurate insurance quotations.
• Enhanced vehicle registration matching: This collaboration ensures a single version of truth for matching Thatcham VRD to vehicle registrations, delivering more granular data that supports the identification of risk-affecting vehicle features and improves risk assessment consistency.
• Comprehensive data integration: A holistic approach integrates Thatcham VRD with diverse data sources, enriching the vehicle risk data available at the point of quotation. This enhanced data accuracy and consistency will build customer trust and satisfaction, while reducing disputes and complaints.
• Adapting to technological advancements: The initiative is designed to adapt to evolving vehicle technology and its implications for insurance risks.
• Predictive vehicle intelligence: Joint exploration of innovative vehicle data products in the future, to underpin more sophisticated predictive insurance risk models.

Jonathan Hewett, chief executive of Thatcham Research, said: "This exclusive relationship with LexisNexis Risk Solutions will provide unparalleled insights crucial to how insurance providers assess risk and determine premiums.

“This strategic relationship allows Thatcham Research to focus on research, testing, and training while LexisNexis Risk Solutions manages the data-driven insights that Thatcham Research offers. We are thrilled to offer insurance providers greater access to essential data that was previously inaccessible.

“The combination of Thatcham Research and LexisNexis Risk Solutions assets and intelligence is undeniably compelling and provides an exciting roadmap for new services and insights that will dramatically enhance the overall motor insurance customer experience.”

James Burton, managing director, Insurance, UK and Ireland, LexisNexis Risk Solutions, said: "We take pride in being specialists in insurance, and our vehicle strategy is aligned with Thatcham Research's vision. This strategy enables LexisNexis Risk Solutions to leverage the untapped potential of the Thatcham VRD product, generating valuable insights for motor insurance providers.

“As an organisation, we are passionate about ensuring that the insurance ecosystem can benefit from this relationship.”

About Thatcham Research

Thatcham Research is the automotive risk intelligence company dedicated to understanding the opportunities and risks of new vehicle technology and supporting our customers in identifying the best strategies for its safe, secure, and sustainable adoption.

The independent voice of automotive safety, security, and repair, we work closely with insurers, vehicle manufacturers, technology providers and the government, providing rigorous engineering-grade research and data to help minimise uncertainty presented by changes in technology and regulation.

For more information, please visit www.thatcham.org

About LexisNexis Risk Solutions 

LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe.

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 the Lexis Nexis website.

Contact Information:

Thatcham Research

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Email: enquiries@thatcham.org

Web: www.thatcham.org

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