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Underwriting Solutions President Neil Spector on the Future of UBI and Telematics

In an interview with A.M. Best Radio, Neil Spector, president of Underwriting Solutions for Verisk – insurance solutions, shares his perspectives on the future of usage-based insurance (UBI) and discusses why he believes the Verisk Telematics Data Exchange will help accelerate widespread UBI adoption.

The exchange, which launches this year, is the first-of-its-kind data exchange between insurers and consumers who drive connected cars. In September 2015, General Motors, through its subsidiary OnStar, became the first auto manufacturer to sign on to the exchange.

“Many insurers have expressed interest in connecting [to the data exchange] right out of the box,” says Spector. The exchange also appeals to automakers because they will have an opportunity to capitalize on their connected-car data. Consumers should benefit as well when they choose to opt in, as they’ll be rewarded with insurance discounts in return for safer driving and will have greater choice through the exchange, he adds.

Paulina Yick

As marketing manager of Telematics, Paulina Yick is responsible for strategic and product marketing of Verisk – insurance solutions’ suite of telematics products and tools. Before joining Verisk, she held positions in product development, product management, marketing, and sales at AT&T Bell Labs, United Technologies, Alcatel-Lucent Technologies, and EMC Corporation. She holds a Bachelor of Science degree from New Jersey Institute of Technology and an M.B.A. in marketing from Columbia University.

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