Verisk Data Exchange: Benefits to the Connected-Vehicle Ecosystem
Today’s vehicles collect a wealth of driving information, and auto insurers recognize the value of this telematics data for usage-based insurance (UBI) programs. But with hundreds of insurers writing policies and with each state’s varying regulations, how can auto manufacturers, telematics service providers (TSPs), and mobile service providers capitalize on this data while navigating strategic and operational challenges? How can the data be used to better serve the consumer? The Verisk Data Exchange delivers data from any source to the insurers that want it.
How do automakers and telematics and mobile service providers benefit?
- Reach: Telematics data made accessible to the entire insurance market
- Standardization: Uniform data requirements across multiple insurers
- Simplicity: Data integration and infrastructure development made easy
- Engagement: Driving scores and feedback about customers’ driving behavior (see the below diagram)
How do consumers and fleet owners benefit?
- Rewards: Discounted insurance for drivers who have fewer risks or lower annual miles
- Ease: Greater convenience, flexibility, and portability when shopping for auto insurance
- Safety: Promotion of good driving habits
- Savings: Insurers’ enhanced ability to segment risk types, potentially lowering premium costs for commercial fleet owners and managers
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