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 ExchangeTM, the first-of-its-kind data exchange for driving history, gives you access to:
Verisk Driving ScoreTM
Supported by driving data, a Verisk Driving ScoreTM 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.
Business owners and fleet managers can use Fleet ConnectTM to port historic fleet driving data directly to their chosen insurer for underwriting and potential premium savings at point of sale. Insurers can also track driving behavior during the policy period for loss control purposes.
Customers can use Fleet Exchange to shop coverage anonymously through the Verisk Data Exchange in search of better rates and service from other insurance carriers. Likewise, insurers can use the exchange to efficiently identify warm leads for quoting to grow their portfolio of preferred risk with safe performing fleets.
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.
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.
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-PLUSTM 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