INFORMATION services group Reed Elsevier has bought UK-based Wunelli, a telematics provider, in a deal thought to be worth around £25m.
Telematics, the practice of sending data about drivers to an insurance company to calculate an accurate personal premium, is growing in popularity in the UK.
Reed acquired the company in a bid to beef up its statistics business, largely comprised of LexisNexis Risk Solutions, which provides insight to the insurance industry.
In a statement the company said the deal would help it to provide accurate information to its insurance clients “to make timely, informed decisions, reduce risk exposure and improve consumers’ experience with usage-based insurance”.
The combined databases of both companies will result in the largest bank of information of its kind in the world, Reed said yesterday.
Large insurers including Axa, Admiral and RSA already use Wunelli, which makes both smartphone apps and standalone telematics devices for cars.