Verisk Telematics Data Integration with Honda Now Live, Providing New Opportunities for Usage-Based Insurance Innovation
Verisk (Nasdaq: VRSK) announced that U.S. auto insurers can now access driving data from consenting Honda and Acura vehicle owners via the Verisk Data Exchange™. This development aims to enhance usage-based insurance (UBI) programs, allowing insurers to provide immediate discounts based on driving behavior.
The Verisk Driving Score™ and Verisk Driving Data™ will enable quicker market entry for insurers in the UBI space. With over 6.4 million vehicles and 180 billion miles of driving data, the platform continues to expand, offering significant growth opportunities for insurers.
- U.S. auto insurers can access driving data from Honda and Acura, enhancing UBI programs.
- Verisk Driving Score™ filed for use in 43 states, enabling rapid market entry for insurers.
- The Verisk Data Exchange™ includes over 6.4 million vehicles, growing by 150,000 vehicles per month.
- Launch of the Driver Feedback tool provides personalized insights and potential discounts for drivers.
- None.
Jersey City, NJ, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK) announced today that for the first time, U.S. auto insurers can access driving data from consenting owners of connected Honda and Acura vehicles. The data, is available exclusively through the Verisk Data Exchange™, can help insurers deliver the benefits of their usage-based insurance (UBI) programs to an expanded audience of customers.
“Data from consenting Honda drivers will be available across Verisk’s portfolio of telematics products, expanding the reach of the Verisk Data Exchange and helping our insurer customers launch or scale-up their UBI programs,” said Karthik Balakrishnan, general manager of Verisk’s telematics business. “We are making more OEM data available to insurers, so they can reach more of the market and reward safe drivers.”
With consumer consent, insurers can access Honda and Acura driving behavior data during the quoting process through Verisk’s point of sale telematics products: The Verisk Driving Score™ and Verisk Driving Data™. Both allow insurers to use historical driving behaviors to apply UBI discounts immediately. The Verisk Driving Score™ – a proprietary loss model built using driving behaviors – is filed and available for use in 43 states and allows insurers to rapidly enter the UBI market. Verisk Driving Data™ targets insurers with their own UBI scoring algorithms, and provides normalized, cross-OEM driving data that can be customized to meet the insurer’s specifications. Both options allow insurers to improve the UBI purchase experience by eliminating the need for a monitoring period and offering behavior-based discounts instantaneously.
“When you combine Honda’s expansive presence in the auto market with the breadth and depth of our telematics solutions, we believe this will unlock tremendous opportunities for all of our telematics’ stakeholders. Automakers, insurers, and consumers will all win,” said Balakrishnan.
As part of the integration with Honda, Verisk is also powering a new Driver Feedback tool for drivers of eligible models that utilize the HondaLink® or AcuraLink® mobile apps. Owners that opt-in are provided with an individualized Driving Score and helpful recommendations that promote positive behavior change. In addition, these vehicle owners may receive offers for driving behavior-based auto insurance discounts from participating insurers through Verisk’s Discount Alert™ product – providing a new channel for insurers to profitably grow their telematics-based programs. Insurers can notify participating drivers about potential discount offers, using the Verisk Driving Score™ or the insurer’s own proprietary score to identify preferred risk segments.
The Verisk Data Exchange™ is one of the leading Internet of Things (IoT) and telematics platforms, helping personal and commercial lines insurers to harness the power of data from the connected world. The Exchange works with numerous automotive and property-based data sources, applying artificial intelligence and advanced analytics to generate insights that enable superior decision-making across the life cycle of insurers’ telematics programs. With over 6.4 million vehicles and 180 billion miles of driving data, the Exchange is one of the largest of its kind and continues to grow by over 150,000 new vehicles every month.
To learn more about how the Verisk Data Exchange™ can benefit your telematics program, contact telematics@verisk.com.
About Verisk
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 and Nasdaq 100 Index. For more information, please visit www.verisk.com.
Media Contact:
Joseph Madden
Verisk Public Relations
201-232-4486
Joseph.Madden@verisk.com
Brett Garrison
Edelman (for Verisk)
212-639-4903
Brett.Garrison@edelman.com
Chris Martin
American Honda Motor Company
Chris_Martin@ahm.honda.com
FAQ
What new data access is Verisk providing to insurers regarding Honda and Acura vehicles?
How does the Verisk Driving Score™ contribute to usage-based insurance programs?
What is the significance of the Verisk Data Exchange™ in the telematics market?
How can insurers benefit from the Driver Feedback tool introduced by Verisk?
