Verisk Data Exchange: Personal Auto Solutions
The volume of driving data from connected vehicles is enormous and growing. Personal auto insurers gain value leveraging this telematics data for usage-based insurance (UBI) programs that can help strengthen their customer acquisition and retention efforts.
The Verisk Data Exchange, the first-of-its-kind data exchange for driving information, gives you access to:
Driving Behavior History Report
For the very first time, driving-behavior data will be available at point of sale before a policy is written. With consent from the consumer, insurers will be able to obtain driving history in real time. Insurers can use this report to improve their pricing accuracy and retain safe drivers. This data may be retrieved throughout the policy cycle for additional insight to improve pricing accuracy and retain safe drivers.
Driving Risk Score
The Driving Behavior History Report provides a Driving Risk Score, using the Verisk Data Exchange scoring model or the insurer’s own proprietary model. An unscored Driving Behavior History Report, which does not use predictive analytics, is also available.
Vehicle Mileage History Report
Multiple industry studies show a direct correlation between miles driven and auto claims. Annual mileage is a widely used rating variable. Consequently, it’s extremely important that insurers correctly estimate annual miles driven to price auto exposures accurately. Unfortunately, self-reported odometer readings are error-prone. The Vehicle Mileage History Report retrieves odometer data directly from cars, even older vehicles, for insurers offering mileage-based insurance products.
- Optimization: Target acquisition and retention to low-mileage drivers, safer drivers, and millennials
- Speed: Faster time to market with easy access to telematics data and Verisk/ISO’s filing of rating rules
- Service: Provide fast, informed quotes at point of sale and renewal
- Engagement: Find new customers through the connected-car ecosystem
- Rewards: Discounted insurance for drivers with lower risk or lower annual miles
- Convenience: Data collection and scoring from OEMs and other sources, requiring minimal effort from UBI customers
- Savings: Reduced cost of vehicle ownership through lower insurance premium
- Safety: Promotion of safe driving through feedback to drivers based on their driving behavior
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