THE VERISK DATA EXCHANGE™

Testing telematics hypotheses with Model-Ready Data

Real insurers, real results

About Model-Ready Data

For insurers that are still developing their UBI programs or just beginning to consider this market, the journey begins with usable data. Yet the process of launching third-party hardware- or mobile-based programs can be costly and require months or years to acquire enough driving telemetry. The Verisk Data Exchange™ can help you bypass these hurdles.

Model-Ready Data identifies real-world vehicle identification numbers (VINs) from your existing portfolio that are already in the Exchange. Their premium and loss information is then appended to validated, normalized, and anonymized historical driving data. Verisk uploads the data to a secure Model-Ready Data cloud environment which includes statistical analysis software that allows your own actuaries and data scientists to test hypotheses and conduct research and product development.

With Model-Ready Data, you can:

  • validate existing data and models
  • study new use cases and variables
  • develop new scoring models and products
  • isolate the “lift” of telematics from all other variables

Customer Success Story:

Situation:
When a large regional carrier was considering an expansion to the scope of their UBI program to tap into the growing number of connected vehicles, they first needed a way to rapidly assess this new data source. They turned to Verisk.

Solution:
The Model-Ready Data engagement began by identifying vehicles in the Exchange that were already insured by this carrier. Verisk uncovered thousands of overlapping VINs and appended the insurer’s own premium and loss information to the real-world driving data. This allowed the carrier to bypass what would have otherwise been costly, months- or years-long data acquisition effort.

To test their hypotheses, the insurer accessed the anonymized dataset in a secure environment hosted by Verisk. Verisk provided all of the statistical analysis software that the insurer required to familiarize themselves with the data, study loss performance, and validate a series of predictive models – including the Verisk Driving Score™.

Outcome:
The insurer successfully concluded their study in a matter of weeks, validating the connected vehicle opportunity and quantifying the additional incremental lift provided by connected vehicle driving data in their rating plan. The insurer decided to proceed with the Verisk Driving Score and has already begun acquiring new business through the connected vehicle channel.

Is Model-Ready Data right for you?

Need a faster way to get started with telematics?
Avoid lengthy data acquisition periods, costly hardware deployments, or complex mobile app implementations. The Exchange has what you need to uncover behavior-based insights from real-world drivers of connected cars already in your book of business.

Looking to add connected vehicles to your existing program?
Analyze driving data features to develop or validate your own UBI scoring model. Provided in a secure research & development environment, Verisk provides the connected car data and statistical analysis tools you need for your analysis.

Considering the Verisk Driving Score and want to understand the incremental lift?
Quantify 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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