Verisk and Vehcon have formed a strategic alliance to help insurers collect validated vehicle odometer readings using their policyholders’ smartphones. The odometer readings allow insurers to track vehicle miles driven for rating, underwriting, and usage-based insurance (UBI) programs.
Annual mileage is a proven predictor of loss costs but remains one of the more difficult rating variables to confirm accurately. The new offering, OdometerConfirm, combines Verisk’s data and analytics with Vehcon’s patent-protected process for consumers to use a mobile app to capture VINs and odometer data.
Integrating Vehcon’s app and processing system with Verisk data opens up new opportunities to underwrite and rate auto insurance policies. For example, policy administration systems can automatically prefill the VIN data captured with the app; Verisk’s data for rating symbols, claims and coverage, and vehicle registration; and the current mileage data.
The alliance will provide insurers with a full range of UBI and mileage classification programs, including a mobile app that insurers can deploy quickly or integrate into their existing app.