Verisk Data Exchange: Commercial Auto

Commercial auto insurance poses a challenge to many insurers, with rising frequency and severity of claims exacerbated by exposure misclassification and a lack of risk segmentation. By integrating telematics into their workflows, insurers can tap data from millions of connected commercial vehicles to sharpen underwriting and improve the total customer experience from quote to claim.

The Verisk Data Exchange, the first-of-its-kind data exchange for driving history, gives you access to:

Driving Data

Connected vehicles and fleets send timely, event-level driving data after each trip for more accurate rating. Insurers can have driving behavior data at point of sale before a policy is written and obtain driving history in real time.

Verisk Driving Score

Supported by driving data, a Verisk Driving Score on a vehicle or vehicle identification number (VIN) predicts probability of loss based on actual premium and loss data. An approved rating rule is filed in 43 states for speed to market, with scoring normalized and harmonized across all types of telematics.

GPS Vehicle Data

Insurers can accurately and precisely validate radius-of-use rating factors to know exactly where a vehicle or fleet operates for both new and renewal business. They can count daily trips and record garaging locations for proper rating, with or without a telematics rating program.

 

Commercial auto solutions

Insurers can combine driving data from the Verisk Data Exchange with existing products for a full menu of commercial auto underwriting, rating, and claims services:

  • commercial auto prefill
  • motor vehicle reports (MVRs)
  • A-PLUS loss history
  • Instant FNOL (first notice of loss) for claims

Benefits of the exchange

  • Savings — safe-driving discounts to acquire and retain the best risks
  • Speed — faster market access with readily available data using Verisk/ISO’s prefiled rating rules
  • Engagement — a better customer experience with fast, informed quotes and more
  • Integration — no struggle to build one-on-one relationships with automakers
  • Ease — no device required for customers to install