JERSEY CITY, N.J., June 2, 2015 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, and Vehcon today announced a strategic alliance to help insurance companies collect validated vehicle odometer readings for insurance rating, underwriting, and usage-based insurance (UBI) programs. The solution, called OdometerConfirmTM, allows insurers to capture the actual odometer readings using a policyholder’s smartphone. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
“Miles driven is an important nationwide rating factor for many auto insurance writers and is a mandatory rating factor in California,” said John Cantwell, vice president of Auto Underwriting at Verisk Insurance Solutions. “While annual mileage is an established predictor of loss costs, it’s always been one of the more difficult rating factors to confirm accurately and maintain through the life of a policy.”
The new solution combines Verisk’s data and analytics resources with Vehcon’s patent-protected process that allows consumers to use a mobile app to capture VINs and odometer data quickly and easily. The data is automatically and securely sent to Vehcon’s back-end systems, where the mileage data is extracted, authenticated, and validated before being reported to the insurance carrier. The ongoing collection of odometer readings allows carriers to accurately track vehicle miles driven for rating or usage-based insurance programs.
“The integration of the Vehcon solution with Verisk’s data assets provides insurers new possibilities to underwrite and rate auto insurance policies,” said Fred Blumer, CEO and founder of Vehcon. “For example, with the VIN information captured by Vehcon, Verisk data, including rating symbols, prior claims, and coverage information, and vehicle registration data can be automatically prefilled into the policy administration system along with the current mileage data.”
The Verisk and Vehcon strategic relationship provides carriers with a full range of UBI and mileage classification programs, including an easy-to-use mobile app that can be deployed quickly by carriers or integrated into a carrier’s existing mobile app. Verisk Insurance Solutions has an extensive background in developing annual mileage models and related policy classification services for insurers. Verisk also offers innovative telematics solutions that help insurers understand driver behavior.
Vehcon extracts authenticated data from vehicles and drivers using smartphone technologies. With the world’s largest database of image-derived vehicle data, Vehcon’s business partners can offer consumers the ability to share key data in order to lower the total cost of vehicle ownership. The company’s patent-protected solutions capture predictive data, such as accurate mileage and area of operation. Founded in 2012 by innovators in vehicle telematics, big data analytics, and mobile applications, Vehcon is headquartered in Atlanta, Georgia. For more information, visit http://www.vehcon.com.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.