Verisk Data Exchange: Connected Home and Property
Many property insurers are taking a hard look at the growth of the connected home. You may see the potential for insurance programs based on IoT data to transform the customer experience from quote to renewal and claims. Connected home data from consenting consumers can allow direct measurement of certain policyholders’ risk-related behaviors, which often are among the best predictors of loss experience. But implementing these programs can be costly and challenging. The Verisk Data ExchangeTM can make it easier, faster, and more efficient for you to enter a new era of property insurance that can help to better serve your customers and improve your bottom line.
What Is the Verisk Data Exchange?
The first-of-its-kind Verisk Data Exchange is a hub for connected home and connected vehicle data for insurance decision support in underwriting, rating, and claims handling. The exchange is scalable to normalize, process, and store IoT and telematics data from an array of connected devices, sensors, third-party hardware, and mobile solutions located within properties and vehicles. This centralized exchange can solve the many-to-many challenge by connecting data providers with multiple insurers.
A single source for connected home, driver and vehicle data can help you refine underwriting and rating—and can support prompt first notice of loss to help expedite claims settlement. The data capture and value-add capabilities provided by various connected home platform providers, monitored security operators, vehicle manufacturers, and telematics service providers (TSPs) can help optimize your insurance products and customer experience.
As a global leader in risk assessment, data collection, and analytics services for more than 45 years, Verisk is uniquely positioned to provide a platform for a much-needed data exchange for connected home, driving and claims data.
- Predictive models for telematics data and usage-based insurance (UBI) rating rules filed with regulators
- Industry-proven scoring models
- Comprehensive product offering created with best-in-market, multi-source data
- Verisk’s extensive experience providing underwriting and claims data and solutions
- Customizable application program interface (API) for easy integration
- Stable, scalable, and secure storage