Mobile application will enable owners of older model vehicles to have a connected-car experience
JERSEY CITY, N.J., December 6, 2016 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today announced a strategic alliance with Driveway Software. The companies will jointly develop a comprehensive smartphone telematics solution for auto manufacturers (otherwise referred to as original equipment manufacturers, or OEMs), their customers and participating insurers in U.S. and global markets through the Verisk Data Exchange. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
The jointly developed solution will combine the Driveway smartphone telematics platform for data collection and driver engagement with the Verisk Data Exchange to apply driver scoring and provide a direct connection for consumers to participating insurers. The solution will leverage Driveway’s patented battery-efficient trip-capture technology and Verisk’s expertise in insurance analytics and scoring plus its proven success in filing UBI rating rules.
Verisk launched the Exchange—the first-of-its-kind data exchange for driving history—in July 2016. Consenting connected-car owners will have the option to contribute their driving data and seamlessly take advantage of insurers’ usage-based insurance (UBI) programs typically designed to reward safe drivers. General Motors is the first auto manufacturer to sign on to the Verisk Data Exchange.
By leveraging Driveway’s smartphone-based solution, automakers can bring the benefits of telematics to their millions of existing customers who are not leveraging connectivity in their car.
“Most OEMs are implementing connected-car solutions in new vehicles,” said Jim Levendusky, vice president of telematics at Verisk Insurance Solutions. “However, many vehicles without embedded connectivity cannot deliver a connected-car experience to their drivers. The Driveway/Verisk telematics smartphone solution will close this gap.”
The Verisk Data Exchange also assigns consumers a driver risk score, generally similar to a credit score, that they can use to demonstrate their responsible driving history and to request that their car insurance premiums be adjusted accordingly.
“The Exchange provides automakers a one-stop solution to help their customers get the benefits of UBI,” said Mike Simmons, CEO of Driveway Software. “Rather than building and managing relationships with hundreds of insurers, automakers can have a single point of contact in Verisk Insurance Solutions, which has long-standing relationships throughout the insurance industry.”
Automakers and data providers interested in learning more about this smartphone telematics solution or the Verisk Data Exchange should visit www.verisk.com/telematics.
About Driveway Software
Driveway makes software that makes safe drivers. Based in Silicon Valley, Driveway developed and patented the technology that enables insurers to measure and reward good driving behavior without the need for a plug-in device in the car. The company provides a cloud platform and mobile apps that deliver a cost-effective and frictionless usage-based insurance (UBI) solution for top insurers globally. Driveway is on a mission to reduce distracted driving, improve the driving experience, and save lives. For more information, visit www.driveway.ai.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon unique data assets and deep domain expertise to provide innovative solutions that are integrated into customer workflows, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. Around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.