Verisk announced that U.S. auto insurers can access driving data from consenting owners of connected Honda and Acura vehicles. The data, 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.
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.
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.