Verisk has entered into an agreement with TrueMotion, the world's leading smartphone driving data platform, to offer integrated telematics solutions for insurers that combine TrueMotion's mobile data with Verisk's driving behavior analytics.
Verisk to receive driving data
To develop the new solutions, Verisk will receive driving data collected through TrueMotion's smartphone telematics platform and apply its Verisk Driving ScoreTM, which is currently filed and ready for use in 43 states. The agreement will help midsize auto insurers, among other insurers, quickly deploy or enhance existing usage-based insurance (UBI) programs.
Verisk's work with multiple insurers, including those with midsize books of business, has shown the many hurdles they face in launching UBI program. These challenges include developing a proprietary scoring algorithm that works across multiple sources of driving data, such as connected cars and mobile apps. It may be cost-prohibitive to launch a mobile solution in-house. An insurer needs IT and data science resources to build apps, integrate scores, and automate logistical processes. Additionally, filing a proprietary score with regulators can be a difficult process.
As part of this agreement, Verisk will score driving behavior data a highly predictive measure of risk to enable multiple use cases for insurers. This includes potential good-driver discounts, driver feedback, and other forms of customer engagement.
The TrueMotion smartphone telematics platform gives insurers actionable insights to apply scoring to their customers driving behavior via just a phone. It uses a phone's sensors and machine learning to accurately identify when a person is driving, how the person is driving, and if the person is distracted while driving. Insurers working with Verisk can deploy TrueMotion's patented technology through a white label mobile app. Customers simply need to download the insurer's app and drive.
Verisk's customers are looking for a common scoring solution for their telematics programs across different technology platforms. By teaming up with TrueMotion, Verisk is bringing the strengths of each company together for the benefit of its insurer customers.
About the Verisk Data Exchange
As a hub for connected vehicle and connected 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 ratings, proactive loss mitigation services, and faster first notice of loss. The exchange now has more than 4.7 million vehicles with over 85 billion miles of driving data and growing.