LexisNexis Risk Solutions and IMS have announced a partnership to integrate driving behavior tracking directly into insurance mobile applications. The system utilizes the Drive Metrics scoring model combined with the IMS EdgeSDK to analyze driving data locally on the user's smartphone.
This technology eliminates the need for external OBDII dongles. By processing data on the device rather than in the cloud, the companies aim to reduce the operating costs of usage-based insurance programs by 50 to 80 percent.
Insurers can integrate this functionality into their existing mobile apps or utilize a solution provided by IMS. Participation requires explicit user consent, though the specific driving behaviors tracked by the system have not been disclosed by the companies.
The resulting scores are intended to influence insurance pricing and underwriting decisions. While the system is designed to assess driving habits, the companies have not yet announced any specific insurance providers that have launched this technology.
