THE VERISK DATA EXCHANGE™

Proving the business case for telematics in a few short weeks

Real insurers, real results

About Instant Analysis

Auto insurers with usage-based insurance (UBI) programs have the potential to capture the safest and most profitable customer segments, outpacing competitors without UBI. Still, many carriers believe the cost and logistics of UBI are insurmountable, and the potential rewards uncertain. How can you know for sure if UBI is right for your company?

Insurers typically start with a telematics pilot. But this can be expensive, time-consuming, and labor-intensive. There’s a better way. Instant Analysis leverages the power of the Verisk Data Exchange™, which already has driving behavior data for significant numbers of your customers — with their consent.

With Instant Telematics, Verisk will:

  • match your book to the Exchange to determine the total number of eligible vehicles
  • attach driving behavior data to the claims and policy data of those vehicles
  • score each vehicle with our Verisk Driving Score™ and quantify the discount curve
  • analyze the data set for improvement in loss cost, distribution of scores, lift charts, total and average discount, and other valuable insights

Customer Success Story

Situation:
When a small regional insurer approached Verisk, it was very early in its telematics journey and needed a path to cost-effectively prove the business case for telematics.

Solution:
Verisk began by identifying vehicles from the insurer’s existing book of business that were already active in the Verisk Data Exchange. Although the insurer was initially concerned that that its regional footprint would limit the number of vehicles to study, the size of the Verisk Data Exchange yielded thousands of insured vehicles to analyze. Using the insurer’s own premium and loss information, our team conducted an Instant Analysis study to quantify the level of risk associated with these drivers and compare the results against trends from the full Exchange.

Outcome:
In a matter of weeks, the customer received in-depth insights, proving the telematics opportunity without the need for any in-house resources. Despite its’ regional footprint, Verisk’s Instant Analysis study found additional incremental lift in the use of the Verisk Driving Score, above and beyond their existing rating plan. Those findings were used to inform the development of the insurer’s UBI strategy that included the use of the Verisk Driving Score. This customer has been in market with the score for over a year, seeing an increase in their new business acquisition rate.

Is Instant Analysis right for you?

Concerned about how to acquire sufficient amounts of data to begin proving the business case for telematics?
Many of your own insureds are already in the Exchange and poised to fast-track your analysis. A great fit for many small and midsized regional carriers.

Limited analytics resources?
Prove the business case for telematics without an in-house study. Our experienced actuarial and analytics experts produce the insights you need to make informed decisions.

Considering the Verisk Driving Score and want to understand the incremental lift?
See how the Verisk Driving Score™ could add incremental lift and increase segmentation on your book of business.

Interested in learning more about how the Verisk Data Exchange™ can help you on your own telematics journey?

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