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First and largest U.S. auto telematics data exchange continues growth in support of innovative insurance products
JERSEY CITY, N.J., July 8, 2019 - Verisk (VRSK), a leading data analytics provider, announced today that its Verisk Data ExchangeTM (VDE) has collected 100 billion miles of driving data from consenting customers in the past three years.
"Data coming from different car manufacturers and telematics service providers isn`t plug-and-play," said Saurabh Khemka, senior vice president and general manager, Verisk IoT/Telematics. "There are subtle but important patterns that become visible only from the application of advanced data science to extremely large data sets like ours. Verisk uses advanced machine learning and artificial intelligence to normalize the data across sources, so it`s usable for insurance."
This scale data set also allows Verisk to quickly qualify and onboard automakers and other strategic allies and create an efficient operating environment with real-time quality checks for incoming data. The exchange, which currently ingests data from more than 5 million active vehicles generating more than 20 million trips per day, is helping allies shorten their path to market while successfully navigating security, regulatory, and privacy issues.
The platform also generates proprietary analytics, such as granular, state-level insights on driving behavior, to support lead generation, usage-based insurance (UBI) programs, and claims applications for auto insurers.
For instance, Verisk was recently able to identify seasonality patterns in driving behavior using data from the VDE. The data revealed that there are some states (like Montana) where the average driver was likely to drive 35 percent more in the summer months than during winter months; while in other states (like Florida), the variation in driving intensity can be much lower. These types of insights power the development of sophisticated insurance models and support insurance filings required under state insurance regulations.
The exchange is augmented by the Verisk Driving ScoreTM, which measures driving behavior risk through a scoring model that powers ISO`s telematics rating rule, which is filed and ready to use in 43 states. This claims-based driving score has been tested with 90,000 claim events from 1 million exposures and shows a 7X differential between the riskiest and safest driving rating groups. Our allies are incorporating the Verisk Driving Score into policy management systems and leveraging Verisk driver feedback for customer communications.
"Telematics can also be a powerful new customer engagement tool for our auto original equipment manufacturer (OEM) allies and insurance customers," said Khemka. "Our auto OEM allies and insurance customers can use VDE data to engage in a more meaningful way with consumers. Consumers can use the VDE data to better understand how their driving behavior affects their risk of loss. That can help consumers become safer drivers and save money on their insurance."
As a hub for connected vehicle and connected home data, the Verisk Data Exchange is the insurance industry`s leading Internet of Things (IoT) platform, helping personal and commercial lines insurers achieve more accurate ratings, proactive loss mitigation services, and faster first notice of loss. For more information, visit verisk.com/data-exchange.
Verisk (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. In 2018, Forbes magazine named Verisk to its World`s Best Employers list. For more information, please visit www.verisk.com.
Edelman (for Verisk)
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Source: Verisk Analytics Inc. via GlobeNewswire