THE VERISK DATA EXCHANGE™

Launching a UBI program with the Verisk Driving Score

Real insurers, real results

About the Verisk Driving Score™

Developing a new telematics-based scoring model can be a time-consuming, data-intensive task. When speed to market matters, the Verisk Driving Score can help.

The Verisk Driving Score was developed on actual premium and loss history and validated with data from millions of vehicles in the Verisk Data Exchange—predicting the future probability of claims on a 0-100 scale. The score complies with the Fair Credit Reporting Act (FCRA) and is ready for use with an associated rating rule, available in 43 states and jurisdictions.

In addition to Verisk Driving Data from connected vehicles in the Exchange, the Verisk Driving Score has been tested with many other telematics data sources including smartphone and hardware-based solutions. This gives you the flexibility to support multiple data sources while applying uniform premium adjustments based on a consistent set of driving behaviors.

The Verisk Driving Score is powerful way to sharpen rating and identify safer drivers. The predictiveness and robustness of our score is proven: Verisk has found that drivers with the lowest scores have seven times the claims frequency of those with the highest scores.

Customer Success Story:

Situation:
A super-regional carrier wanted to expand its current dongle- and mobile-based telematics program to include connected cars. Although they were developing the next version of their UBI rating plan that would accommodate data from connected vehicles, they did not want to wait to take advantage of this emerging market opportunity.

Solution:
The insurer turned to the Verisk for a streamlined path to market entry. Beginning with a Model-Ready Data research engagement, the insurer was able to quickly validate the lift and segmentation provided by the Verisk Driving Score. This approach allowed the insurer to use driving data from the Exchange combined with premium and loss information from real insureds already in their book of business to quantify the incremental lift and give the insurer confidence in the rating integrity of the loss-based Score. End-to-end implementation was completed in a matter of weeks and the insurer is now live, using an API that feeds the score directly into their rating engine.

Outcome:
Because driving data is already available in the Exchange, Verisk was able to provide all of the ingredients for the insurer to test the benefits of the Verisk Driving Score quickly using a Model-Ready Data research engagement. Once its’ value was proven, the Score’s streamlined implementation process provided a speed to market advantage that got the insurer into the connected vehicle channel quickly.

Using the Verisk Driving Score has allowed the insurer to increase their UBI policy bind rate and provide a streamlined purchase experience to drivers of connected cars, all in parallel to their new program’s development efforts.

Is the Verisk Driving Score right for you?

Looking for a speed-to-market advantage?
Use our turnkey scoring model and associated rating rule, filed and available in 43 states and jurisdictions, to launch a UBI program within weeks.

Need to accommodate other sources of telematics data too?
Lay the foundation for an expansive UBI program—our score is compatible with connected vehicle data but can also work with mobile- and hardware-based data sources.

Looking to differentiate your program with an enhanced UBI purchase experience?
Attract more new business and delight customers with instant, observation-free driving behavior discounts at point of sale to drivers of connected cars.

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

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