With the recent addition of American Honda Motor Company as a contributor to the Verisk Data ExchangeTM, the total market share of automakers participating in the exchange now stands at 27 percent, as represented by vehicles sold in the United States.
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.
Benefits Honda customers, insurers
As the exchange’s newest contributor, Honda will begin providing Verisk with driving data from consenting owners of Honda’s connected cars. The automaker joins General Motors, which through its subsidiary OnStar became the first auto manufacturer to sign on to the exchange in September 2015.
Honda’s participation in the exchange, announced in December, offers benefits to many Honda customers and insurers. Honda customers can access the Verisk Driving ScoreTM, a simple metric that rates their driving behavior. Insurers can use scores from the Verisk Data Exchange with their usage-based insurance (UBI) programs through a related rating rule available for use in 43 states.
The exchange, which receives real-time driving behavior data from cars, now has close to 3 million cars with 28 billion miles of driving data and is growing at more than 150,000 vehicles every month. Multiple insurers are now using this data for their underwriting and claims solutions.