Honda Joins the Verisk Data Exchange
The Exchange Now Includes Automakers That Represent 27 Percent of the U.S. Auto Market
JERSEY CITY, N.J., December 20, 2017 — Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced that American Honda Motor Company has signed an exclusive agreement with Verisk to join the Verisk Data ExchangeTM. By joining the exchange, Honda will provide Verisk with driving data from consenting owners of Honda’s connected cars.
The agreement 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 addition of Honda increases the total market share of automakers participating in the Verisk Data Exchange to 27 percent as represented by vehicles sold in the United States. The exchange receives real-time driving behavior data from connected cars and makes it available to insurers to offer UBI policies, typically designed to reward safe drivers.
“We’re excited to welcome Honda to the Verisk Data Exchange,” said Saurabh Khemka, senior vice president and general manager, Verisk IoT/Telematics. “Honda is a terrific addition to our growing roster of automakers and telematics service providers. And with multiple insurers already using the exchange for underwriting and claims solutions, I think we’re on the cusp of helping transform the insurance industry.”
As 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. The exchange now has close to 3 million cars with 26 billion miles of driving data and is growing at more than 150,000 vehicles every month.
For more information, visit Verisk.com/data-exchange.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 29 countries and is a member of Standard & Poor’s S&P 500® Index. In 2017, Forbes magazine named Verisk to its America’s Best Mid-Size Employers list and to its World’s Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.
Giuseppe Barone/Erin Bzymek