Hyundai Motor America has signed an exclusive agreement to join the Verisk Data ExchangeTM. As a participating automaker, Hyundai will supply Verisk with driving data from its consenting connected car owners.
Hyundai’s entry to the Verisk Data Exchange brings the total U.S. market share of participating automakers to 32 percent. Participating OEMS also include General Motors, which through its subsidiary OnStar became the first auto manufacturer to sign on, and American Honda Motor Company, which joined last December.
Benefits for insurers, OEM customers
Participating customers of the three automakers, as well as insurers, stand to benefit. Owners and lessees will gain access to their portable Verisk Driving ScoreTM, a simple metric that assesses individual driving behavior, which can lead to discount offers on UBI programs and support driver feedback that helps improve their driving.
Insurers can use scores from the Verisk Data Exchange to support usage-based insurance (UBI) programs through a related rating rule available for use in 42 states and the District of Columbia.
About the Verisk Data Exchange
As a hub for connected vehicle and smart home data, the Verisk Data Exchange is the insurance industry’s leading Internet of Things (IoT) platform helping personal and commercial lines insurers achieve more accurate rating, proactive loss mitigation services, and faster first notice of loss. The exchange now has 3.3 million cars with more than 36.5 billion miles of driving data and is growing at more than 150,000 vehicles every month.
