Customer acquisition, retention, and seamless claims handling are among your top priorities as an auto insurer. Many carriers view usage-based insurance (UBI) as an effective strategy to transform the entire customer experience—from purchase through renewal and claims. But you’re also concerned about the costs and adoption challenges of implementing a UBI program. The Verisk Data Exchange™ makes it easier to meet those challenges, implement UBI programs quickly and efficiently, and enter a new era of auto insurance that improves the customer experience and your bottom line.
Insurers need a single source for driver and vehicle data to refine underwriting and rating—and to get prompt notice of losses to expedite claims settlement. They need to manage data capture and value-add capabilities provided by vehicle manufacturers and telematics service providers to optimize insurance products and customer service.
The first-of-its-kind Verisk Data Exchange efficiently retrieves driving data from all kinds of connected vehicles for underwriting, rating, and claims handling through UBI programs. The Exchange provides a scalable structure designed to normalize, process, and store telematics data of all types, volumes, and velocity from connected cars, aftermarket hardware, or mobile solutions. Finally, a single exchange solves the many-to-many challenge by connecting automakers and telematics service providers to multiple insurers.
Read more to learn the different ways that insurers, driving-data providers, consenting consumers, and fleet owners can benefit from the Verisk Data Exchange.
As a global leader in risk assessment and data analytics services for more than 40 years, Verisk is uniquely positioned to provide a platform for a much-needed data exchange for driving and claims data.