Real insurers, real results
Connected vehicle data is not created equally and no two automakers share the same data specification. Verisk Driving Data gives you plug-and-play access to harmonized multi-source driving behavior data, calibrated to your UBI scoring model’s requirements with no additional transformations required.
When onboarding a new data source, our team of experts use advanced analytics and benchmark datasets from millions of vehicles in the Exchange to normalize raw telemetry into a consistent format. This detailed exercise allows us to produce Verisk Driving Data™: a source-agnostic, uniform data product that is immediately ready for rating.
Verisk customizes the data package to meet the requirements of your existing scoring model and rating rules—including specific aggregations of acceleration and braking events, mileage, exposure, and other trip-level details.
Verisk Driving Data can provide access to the millions of connected vehicles already in the Exchange through an API. When one of these drivers begins a new UBI quote, you have the data you need—in a ready-to-use format—to calculate a fast, accurate discount instantly.
A large national carrier with a mature, multi-state UBI program approached Verisk to tap into data from connected vehicles as a new channel for profitable growth.
The Verisk team took the data specification from the insurer’s proprietary model and employed an advanced assessment, harmonization, and validation process to transform the raw driving data. A customized Verisk Driving Data package was developed using the extensive benchmark driving data set from the billions of trip miles in the Exchange to refine the transformations. This included custom-defined driving data aggregations and exposure categories that fit insurer’s proprietary model input requirements.
Within three months, the insurer was live with an API that delivers VIN-level driving data directly into their rating engine. No additional data transformations are required by the insurer.
Now, when a qualified driver with data in the Verisk Data Exchange initiates a UBI quote with this insurer’s program, their discount is delivered instantaneously at point of sale. No multiweek observation period, no additional hardware, no mobile app to download. Just a seamless insurance purchase experience. And a significant increase in the bind rate for their UBI program when using Verisk.
Looking for profitable growth opportunities for your existing UBI program?
Take your existing telematics program to the next level by adding API-based access to the millions of connected vehicles in the Verisk Data Exchange™ - no additional filings required.
Want to continue using your own UBI scoring model and rating plan with connected cars?
Access the driving data attributes required by your proprietary scoring model and rating rules with a custom-tailored data package - including specific aggregations of acceleration and braking events, mileage, exposure, and other trip-level details.
Looking to differentiate your program with an enhanced UBI purchase experience?
Attract more new business and improve both bind and conversion rates when you deliver instant, observation-free driving behavior discounts at point of sale to drivers of connected cars.
Does speed to market matter?
Get going fast with an implementation process that has taken customers from zero-to-live in a matter of weeks.