Verisk Acquires Data Driven Safety to Further Expand Auto Insurance Analytics
Verisk (Nasdaq: VRSK) has acquired Data Driven Safety, a public record data aggregation firm specializing in driver risk assessment, to enhance its auto insurance analytics. This acquisition expands Verisk’s data capabilities, allowing insurers to better assess risk and improve customer experiences. With access to extensive driver risk records, Verisk aims to provide insurers with cost-effective solutions for underwriting. The transaction is expected to advance digital transformation strategies in the insurance sector, promoting public safety by incentivizing safe driving.
- Acquisition expands Verisk's auto insurance analytics capabilities.
- Provides access to extensive driver risk records, enhancing underwriting processes.
- Supports insurers' digital transformation strategies.
- Aims to improve public safety by rewarding safe driving practices.
- None.
JERSEY CITY, N.J., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading global data analytics provider, has acquired Data Driven Safety, a leading public record data aggregation firm that specializes in driver risk assessment in the United States. The acquisition will expand Verisk’s robust auto insurance analytics, providing insurers with information to further refine underwriting, improve the customer experience and promote public safety.
Data Driven Safety, with its unique data collection and management platform, gathers information on traffic citations, vehicle accidents and driving records from public sources.
“Adding billions of driver risk records improves the granularity of our innovative risk-indicator solutions and will help customers advance their digital transformation strategies," said Doug Caccese, president of ISO Personal Lines at Verisk. "Verisk will be able to provide insurers with a more complete and cost-effective view of auto risk while enabling them to tailor the purchase experience and reward customers that have a history of safe driving practices.”
Jason Murphy, CEO of Data Driven Safety (DDS), said of the acquisition, "DDS’s mission is to promote public good through the use of public record information. By joining forces with Verisk, we will be able to increase our reach, enhance our solutions, and help a wide range of customers identify safer risks through informed decisioning.”
Verisk did not acquire the criminal conviction (eLuminateHR.com) or health care cost recovery (MVAreCOUP.com) businesses, which will be owned and operated independently by Safer Public, LLC.
Verisk is building the future auto insurance ecosystem for insurers today
Recent Verisk analysis suggests that riskier driving behavior—that emerged as traffic decreased during the pandemic lockdowns—led to more severe violations and accidents and appears to be carrying forward as miles driven continue to climb. To modernize auto insurance underwriting and risk assessment, Verisk has developed a suite of solutions that apply advanced analytics and automation to existing and emerging data sources. The solutions include LightSpeed Auto, which combines extensive data resources and groundbreaking predictive analytics from Verisk to deliver superior results for both auto insurers and their customers.
Also included in Verisk’s suite of solutions is the Verisk Data Exchange™, which is one of the largest telematics data exchanges of its kind and contains more than 290 billion miles of driving data from consenting drivers of connected cars. The Verisk Data Exchange empowers auto insurers to access the driving behavior insights they need to provide telematics pricing and discounts instantly during the quoting process through the leading DrivingDNA® product family. With advanced analytics and data refinement capabilities, insurers who use Verisk’s solutions can gain turnkey access to automotive telemetry that supports the development and growth of usage-based insurance. Numerous auto insurers have already connected to the Verisk Data Exchange, including four of the 10 largest U.S. carriers.
To learn more about Verisk's personal auto solutions, visit verisk.com/personalauto.
About Data Driven Safety
Data Driven Safety (DDS) is a leading public record data aggregation firm that specializes in driver risk assessment in the United States. With its industry-leading data collection and management platform, DDS efficiently retrieves disparate data from thousands of local law enforcement, DMVs and judicial organizations on a daily basis. DDS then synthesizes this difficult-to-obtain data to provide valuable insights to help insurers reduce costs, better manage risk and anticipate operational challenges.
About Verisk
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.
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