September 03, 2020
(Jersey City, NJ, Economic & Insurance News by Insurance Market 360 – www.insurancemarket360.com) – On Aug. 6, Verisk announced that auto insurers can access information from owners of connected Honda and Acura vehicles to help Verisk in delivering their usage-based insurance (UBI) programs to a wider audience.
“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.”
Car owners must consent, but insurers can access driving behavior data during the quoting process for Acura and Honda drivers with 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 is filed and available for use in 43 states. 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.
“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.
Verisk is also powering a new Driver Feedback tool for drivers of eligible models that utilize the HondaLink or AcuraLink mobile apps. Owners who opt in get an individualized Driving Score as well recommendations meant to promote positive behavior change. Vehicle owners may also receive offers for driving behavior-based auto insurance discounts from participating insurers through Verisk’s Discount Alert. 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.
Source: Verisk Analytics.