Coleshill telematics firm signs major deal with global leader
West Midlands firm Trakm8 has signed a three-year contract with global firm LexisNexis Risk Solutions.
The Coleshill based telematics specialist has signed a contract with LexisNexis Risk Solutions – a world leader in data and analytics provider for the insurance and automotive markets.
The contract will be launched in the UK in the current financial year.
Trakm8 will provide its latest generation ‘plug in’ and ‘fitted to’ vehicle hardware which monitors driver behaviour.
John Watkins, Executive Chairman of Trakm8, said: “We are delighted to have LexisNexis Risk Solutions as a customer for Trakm8’s insurance telematics solutions.
“We have been providing telematics to insurance companies for some years, but LexisNexis Risk Solutions is one of the pioneers in this market.
“This contract is expected to be a significant one and provides additional visibility for our expectations for our revenues in the second half of the year.”
Keith Binley, managing director of LexisNexis Risk Solutions in the UK said: “LexisNexis Risk Solutions provides risk insights to the insurance and automotive markets to help our customers inform their decisions and engage consumers.
“Our focus is on delivering new driving analytics that provide our insurance customers with better consumer price segmentation and risk management using near-real-time driving data.
“We look forward to building a strong partnership with Trakm8 to help bring the benefits of usage-based insurance (UBI) to millions of drivers and make it simple for insurers to launch or develop mass-market UBI products.”
Trakm8 specialises in fleet management, insurance telematics, connected car, and optimisation.
Through IP owned technology, the firm analyses data collected by its installed base of telematics units to fine tune the algorithms that are used to produce its’ solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.
Based in Coleshill near Birmingham alongside its manufacturing facility, the firm supplies to the fleet, optimisation, insurance and automotive sectors to many well-known customers in the UK and internationally including the AA, Saint Gobain, EON, Iceland Foods, Direct Line Group and Young Marmalade.