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:

Verisk Driving Score

Supported by driving data, the Verisk Driving Score indexes risk from driving variables against industry premium and loss data for superior risk assessment. Scoring is normalized and harmonized across a wide variety of telematics technologies. Both the insurer and the fleet manager have transparency into risk assessment and can proactively address operational safety to mitigate potential claims and losses.

GPS and Telematics Reporting

Connected vehicles and fleets send timely, event-level driving data after each trip for more accurate risk assessment. Insurers will be able to obtain driving history efficiently to improve pricing accuracy and risk selection for new business and to renew safe commercial customers. Insurers can validate radius-of-use rating factors accurately and precisely, knowing exactly where a vehicle or fleet operates. They can track daily trips and garaging locations for proper rating values, with or without a telematics rating program.

Model-Ready Data

The Verisk Data Exchange supplies secure, anonymized, and aggregated commercial auto driving data at the VIN level to strengthen insurers’ research and enable development of their own scoring models and new products. Insurers can upload portfolio data to test and validate proprietary underwriting and rating tools.

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