Connected Cars Become an Innovative Lead Generation Channel for Usage-Based Insurance Through New Verisk Program
Nationwide’s SmartRide® program first to use Discount Alert, a telematics-driven solution that enables insurers to segment and deliver targeted in-app marketing offers to consenting connected car owners
Jersey City, N.J., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Connected cars are becoming a powerful lead generation channel for usage-based insurance (UBI) with Discount Alert™, a new program from Verisk (Nasdaq:VRSK). Multiple top U.S. auto insurers are already using connected car telemetry from the Verisk Data Exchange™ for behavior-based auto insurance rating. Now with Discount Alert, insurers can use automakers’ digital ecosystems to directly engage with consumers who choose to share their driving data and reward their safe driving behaviors with personalized insurance offers.
Discount Alert is a robust solution that can improve insurers’ marketing effectiveness through proactive prospecting. Insurers leverage historical, anonymized telemetry data from consenting drivers in the Verisk Data Exchange to identify target prospects through their own custom segmentation models. Discount Alert then delivers personalized insurance offers to target prospects through automakers’ mobile apps and online auto owners’ portals. These marketing messages can be customized by the insurer and, optionally, include the driver’s specific behavior-based discount, a truly personalized experience and powerful incentive to proactively begin a quote.
“In the highly competitive world of auto insurance marketing, preferred risks can be difficult to identify and costly to acquire,” said Karthik Balakrishnan, Ph.D., senior vice president and general manager of Verisk’s telematics business. “Connected car ecosystems are an untapped opportunity for insurance marketing, and Discount Alert provides the reach and data-driven capabilities for insurers to benefit from this exciting new marketing frontier.”
In use today by Nationwide Insurance’s SmartRide® program, Discount Alert is also the first step on a streamlined, customer-friendly UBI buyers’ journey. When a consumer consents to share data, Nationwide delivers their personalized driving discount at the point of quote, bypassing a lengthy driving observation period.
“Discount Alert allows us to provide the benefits of our SmartRide program instantly at point of quote. It eliminates the need to wait to be rewarded for safe driving and makes participating in our telematics programs easy for the customer and agent,” said Josh Otis, product director at Nationwide.
Through integration with other Verisk products, Discount Alert can further enhance the customer experience. When a driver begins a quote, the solution can work in tandem with Verisk’s LightSpeed® Auto platform to provide robust prefill data to boost the ease and speed of applying for insurance, benefiting both consumer drivers and auto insurers.
The Verisk Data Exchange™ is a leading Internet of Things (IoT) and telematics platform, helping personal and commercial lines insurers to harness the power of data from the connected world. The Exchange works with numerous automotive manufacturers - including Ford, General Motors, Honda and Hyundai – and applies artificial intelligence and advanced analytics to generate insights that enable superior decision-making across the life cycle of insurers’ telematics programs. With over 7.5 million vehicles and 230 billion miles of driving data, the Exchange is one of the largest of its kind.
Learn more about the exciting new Discount Alert program.
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.
Media Contact:
Brett Garrison
Edelman for Verisk
917-639-4903
Verisk@Edelman.com
