The Verisk Data Exchange™ continues to expand with the exclusive availability of robust telematics data from connected Hyundai vehicles. The newly launched integration of driving behavior data from consenting drivers enables an expansive set of opportunities for U.S. auto insurers and stands to benefit Hyundai drivers as well.
More Connected Car Data for Usage-Based Insurance Innovation
Verisk employs advanced data management and processing capabilities to transform raw telemetry from Hyundai vehicles into insurance-ready insights across the usage-based insurance (UBI) life cycle for auto insurers that connect to the Verisk Data Exchange. These solutions support critical stages of the telematics journey and are purpose-built to help insurers develop, enhance and profitably grow behavior- and mileage-based insurance programs. The integration with Hyundai enables solutions that support a range of telematics use cases:
- Research and model development: Hyundai data features are available for modeling and analysis in a secure cloud environment. When combined with corresponding premium and loss data and then depersonalized, this cost-effective solution helps insurers to uncover telematics insights from existing policyholders at scale and supercharges their program development and enhancement initiatives.
- Point-of-sale underwriting and rating: Normalized driving behavior and mileage information from consenting Hyundai drivers allows insurers to calculate an applicant’s personalized discount at point of sale. Using Verisk’s driving score, filed and available in 43 states, insurers have a turnkey behavior-based insurance solution for market entry or expansion. Months of Hyundai telemetry can also be delivered upfront during the quoting process as a customizable data package, tailored for compatibility with insurers’ proprietary scoring algorithms.
- Pay-as-you-drive (PAYD) & UBI monitoring: Insurers can also receive a continuous data feed of Hyundai driving behaviors or odometer readings for PAYD, UBI, and mileage-based programs. This post-bind information provides the accurate, ongoing insights needed for driver monitoring.
- Insurance lead generation: With Verisk, insurers can harness the power of connected Hyundai vehicles as a new marketing channel to support the profitable growth of their behavior- or mileage-based programs. Discount Alert allows insurers to deploy personalized marketing offers directly to drivers through Hyundai’s online owner portal and contains robust tools to anonymously segment ideal risk targets—ensuring your offers are only sent to qualified leads.
Enhancing the Customer Experience for Connected Hyundai Drivers
The new integration between Hyundai and the Verisk Data Exchange is designed to be customer-centric. Today’s consumers value simplicity, accuracy, and an intuitive experience that crosses from their connected car to the interactions they have with their insurer.
“As demand for more transparent auto insurance pricing grows, usage-based insurance is a powerful way for Hyundai drivers to have greater control over their insurance costs,” said Manish Mehrotra, executive director, digital business planning and connected operations, at Hyundai Motor North America. “Providing our drivers with engaging tools that can promote safer driving habits and unlock new insurance discounts is awesome. Our owners expect this kind of technology and want to pay the right amount. No one wants to pay more than they actually need.”
Verisk’s innovative Driver Feedback tool delivers a Driving Score and recommendations for improvement to Hyundai drivers. This solution uses the same proprietary scoring algorithm that is available to insurers to calculate safe driving discounts. To access the Driving Score and Driver Feedback insights, Hyundai drivers must consent to participate in the program; this also enables the flow of driving behavior data into the Exchange.
An enrolled driver who begins a UBI quote with an insurer connected to the Verisk Data Exchange can benefit from a streamlined application and purchase process. Because the Exchange has collected driving behavior information on a rolling basis, the insurer is able to calculate the driver’s personalized safe driving discount in near-real time during the quoting process. With no need for additional third-party hardware or mobile apps, the applicant can immediately receive an individualized discount without a driving observation period.
Consenting Hyundai drivers will soon be able to receive marketing offers from insurers that participate in Verisk’s Discount Alert program. Insurers can deliver fully customized offer notifications—even including the driver’s own safe driving discount percentage—through Hyundai’s connected car ecosystem. This unique insurance lead generation solution is a unique and powerful tool to drive quote volume and conversion through an emerging channel.
About the Verisk Data Exchange
The Verisk Data Exchange is a leading Internet of Things (IoT) and telematics platform, helping personal and commercial lines insurers harness the power of data from the connected world. The Exchange works with numerous automotive and property-based data sources, applying artificial intelligence and advanced analytics to generate insights that enable superior decision-making across the life cycle of insurers’ telematics programs. With more than 7.5 million vehicles and 240 billion miles of driving data, the Exchange is among the largest of its kind.
Learn more about how the Verisk Data Exchange can help power the telematics journey for you and your customers, or contact a Verisk representative today.