Verisk Data Exchange: Personal Auto
Telematics and connected cars are rapidly driving the auto insurance market toward usage-based insurance, where a wealth of data from nearly all new cars can sharpen underwriting and improve the customer experience from quote to claim. Direct measurement of driving behavior is the best predictor of loss experience, but UBI is a challenge for most insurers to implement. The Verisk Data Exchange™ unscrambles multiple driving data formats, scores the results with predictive analytics, and leads you over the regulatory hurdles, saving time and money.
What Can the Verisk Data Exchange Do?
The Verisk Data Exchange, the first-of-its-kind data exchange for driving history, gives access to the following products:
Odometer readings automatically sent by vehicles provide accurate, timely mileage for point of sale, renewal, and pay-as-you-drive (PAYD) rating plans with no device required.
Verisk Driving Score™
A by-vehicle Verisk Driving Score predicts probability of loss using actual premium and loss data. An approved rating rule can speed you to market in 43 states.
Web- and smartphone-enabled, trip-level feedback can increase customer engagement (potentially improving driving behavior), reduce claims, and trigger discounts.
Event-level driving data sent after each trip allows more accurate rating at point of sale and scoring of driving behavior.
Trip Monitoring and Publication™
Trip-level information integrated with the insurer’s model enables driver feedback and supports innovative programs such as PAYD.
Secure, anonymized, VIN-level driving data, with insurer premiums and losses appended, strengthens insurers’ capabilities to develop scoring models and products.
Benefits for insurers:
- Optimization — Use Verified Mileage, Driving Data and Verisk Driving Score™ to target low-mileage and safe drivers.
- Speed — Go to market faster with easy to access telematics data and Verisk/ISO’s filing of rating rules.
- Service — Provide fast, informed quotes at point of sale and renewal.
- Innovation — Use Model-Ready Data to build new scoring models and develop new products.
Benefits for policyholders:
- Rewards — Offer discounts for drivers with lower risk or lower annual miles.
- Convenience — Collect and score data from OEMs and other sources with minimal effort from UBI customers.
- Safety — Promote safe driving through feedback to drivers based on their driving behavior.