On April 17th, Mr. Wei Gao, Product Director of LexisNexis Risk Information (hereinafter referred to as "LexisNexis Risk"), was invited to attend and deliver a speech at the Molecular Insurtech Festival held in Suzhou. With the theme of "Tinder - Song of Life", the Molecular Insurance Technology Festival aims to promote digital innovation and humanistic care in the industry, strengthen the career development of practitioners, and promote exchanges and cooperation in multiple industrial fields such as medical care, elderly care, automobiles, and artificial intelligence.
Gao Wei pointed out that with the rapid popularization of new energy vehicles, traditional insurance products and pricing strategies in the field of new energy vehicle insurance are facing unprecedented challenges. In response to this change, LexisNexis Risk has developed a series of highly effective solutions that cover everything from auto insurance inquiry, underwriting, pricing, renewal to claims processing, while taking into account the uniqueness of new energy vehicles.
Gao Wei emphasized that the core business of LexisNexis Risk is to provide auto insurance solutions based on big data. Compared with traditional fuel vehicles, there are significant differences in insurance pricing for new energy vehicles due to the unique technical and operational characteristics of new energy vehicles, such as differences in batteries, motors and driving behaviors, which require focused analysis and proprietary pricing models. In addition, with the rapid growth of the new energy vehicle market, automakers are establishing specialized insurance companies and insurance intermediaries, with the intention of forming a more complete closed loop of the service chain and optimizing and improving the customer experience.
One of LexisRisk's major innovations is the establishment of a complete and accurate NEV-specific database, which comprehensively covers and publishes detailed information about NEVs in a timely manner, such as physical parameters such as battery type, motor performance, and price of three-electric components. This database provides insurers with an objective and powerful information tool, enabling them to more accurately assess the risk cost of new energy vehicles. On the basis of static information, LexisNexis Risk has also effectively integrated the dynamic data of each vehicle to form a three-dimensional and comprehensive risk scoring system for car series, model and vehicle level, a vehicle risk change monitoring mechanism, and a special online car-hailing underwriting recommendation plan, which not only quantitatively supports the decision-making at the time of underwriting, but also monitors the risk changes during the insurance period, and assists clients in achieving risk reduction support before and during the insurance period.
Gao Wei particularly emphasized the need to look at today's new energy vehicle insurance risks from a broader perspective. He mentioned that the intelligent systems of new energy vehicles are usually equipped with more common systems, such as intelligent driver assistance systems (ADAS) and battery management systems, the owners of new energy vehicles are younger, and the risk level of each new energy vehicle will be more accurately positioned under the comprehensive assessment of a wider range of vehicles, users, people and the environment.
With the help of world-leading big data technology and product concepts, LexisNexis Risk develops data and analytics products suitable for the Chinese auto insurance market, helping the auto insurance industry improve workflow efficiency and reduce business risks. As one of the world's leading experts in insurance data and analytics in China, LexisNexis Risk helps the insurance industry achieve world-leading value and help insurance consumers pursue a happy life. Since its establishment, the Beijing subsidiary has grown rapidly and is now honored to be a long-term partner of 99% of motor insurance companies in the Chinese market.