Verisk Teams with TrueMotion for Enhanced Telematics Solution
Verisk Driving Score™ together with TrueMotion smartphone telematics platform supports greater speed to market for insurers
JERSEY CITY, N.J., February 28, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced 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.
To develop the new solutions, Verisk will receive driving data collected through TrueMotion’s smartphone telematics platform and apply its Verisk Driving Score™, 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 programs,” said Saurabh Khemka, senior vice president and general manager of IoT/Telematics at Verisk. “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.
“Insurers need driving data to power the next generation of insurance, whether it comes from a connected car or a smartphone,” said TrueMotion CEO Ted Gramer. “Midsize insurers, in particular, struggle to collect driving data because they lack the resources to launch telematics programs in-house. Our alignment with Verisk will unlock the power of mobile telematics for these insurers and give them unprecedented access to driving data.”
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.
“Our customers are looking for a common scoring solution for their telematics programs across different technology platforms,” continued Khemka. “By teaming up with TrueMotion, we’re bringing the strengths of each company together for the benefit of our insurer customers.”
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 4.5 million vehicles with over 72 billion miles of driving data—and growing. For more information, visit verisk.com/data-exchange.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, 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 30 countries and is a member of Standard & Poor's S&P 500® Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
TrueMotion provides the world’s leading smartphone driving data platform. Powered by machine learning, the platform determines when a person is driving, reveals their behaviors behind the wheel, and detects crashes. Insurers, rideshare companies, and fleets use TrueMotion data to fuel their pricing, claims, and retention programs. Eight of the top 20 U.S. insurers and leading insurers in Canada and Europe rely on TrueMotion technology. The company is based in Boston with offices in Milan and Budapest. For more information, please visit http://www.goTrueMotion.com.
Edelman (for Verisk)