Verisk Telematics Data Integration with Honda Now Live, Providing New Opportunities for Usage-Based Insurance Innovation
August 06 2020 - 9:00AM
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 VeriskVerisk (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 MaddenVerisk Public
Relations201-232-4486Joseph.Madden@verisk.com
Brett GarrisonEdelman (for
Verisk)212-639-4903Brett.Garrison@edelman.com
Chris MartinAmerican Honda Motor
CompanyChris_Martin@ahm.honda.com
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