Root Insurance Company Joins the Verisk Data Exchange
Insurer can use connected car data to improve safe driving discounts
JERSEY CITY, N.J., August 15, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today that Root Insurance, a leading provider of usage-based insurance (UBI), has joined the Verisk Data Exchange™—the first and largest telematics data exchange in the United States. As a participating insurer, Root will gain access to insurance-ready driving data from consenting consumers to enhance its UBI program.
“We’re excited to be one of the first insurance carriers in the country to provide an immediate discount to safe drivers based on the historical driving data coming from their vehicles. The Verisk Data Exchange lets us use data from a variety of automakers to provide the deepest discounts for car insurance to the safest drivers,” said Kumi Walker, chief corporate development and strategy officer at Root. “Root’s best-in-class mobile insurance application lets the consumer opt in to sharing the car’s driving history and provides a quote to the customer within seconds.”
Today, Root is able to use driving data from the exchange in its own scoring model to price UBI coverage at point of sale. Also starting later this year, Root will use the exchange’s Discount Alert product, which lets insurers offer competitive insurance rates to qualified drivers based on their driving behavior. Using Discount Alert, Root can provide a seamless digital buying experience for the customer by marketing directly to drivers in the exchange seeking insurance offers.
“The Verisk Data Exchange continues to expand, with more than 5 million active vehicles, 100 billion miles of driving data collected, and a growing list of insurance carriers using the exchange to provide insurance offers to consumers,” said Saurabh Khemka, senior vice president and general manager, Verisk IoT/Telematics. “The scale we’ve achieved by working with automakers and insurers has the potential to drive a transformation in auto insurance through companies like Root, which is pioneering the delivery of connected car benefits to consumers.”
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 is focused on consumer protection and compliance with the Fair Credit Reporting Act, safeguarding personal driving information via a two-step consent process for data collection and sharing. For more information, visit verisk.com/data-exchange.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Root Insurance is the nation’s first licensed insurance carrier powered entirely by mobile and founded on the principle that car insurance rates should be based on how you drive, not who you are. Through smartphone technology and data science, Root measures driving behavior and uses it as the primary factor in determining rates. The results are personalized car insurance for good drivers, better rates, and a seamless mobile app experience.
Root is headquartered in Columbus, Ohio, and is currently available to drivers in Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, and Utah and will be coming to more states soon.
Edelman (for Verisk)