Verisk Telematics Data Exchange is first to provide auto insurers an easier way to implement usage-based insurance
Verisk Insurance Solutions, a Verisk Analytics (NASDAQ: VRSK) business, introduced the Verisk Telematics Data Exchange — the first-of-its-kind data link between insurers and consumers who drive connected cars. Consenting connected-car owners will have the option to contribute their driving data and seamlessly take advantage of insurers’ usage-based insurance (UBI) programs designed to reward them for how they drive.
Auto insurers will have expanded access to connected-car data in an easily usable format, paving the way for new and innovative UBI programs. General Motors, through its subsidiary OnStar, is the first auto manufacturer to sign on to the exchange.
Verisk offers two UBI scoring models that have been filed widely with state regulators. The company will develop additional models and filings to assist insurers without telematics models to use data from the exchange. Insurers that have their own telematics models can also consider connecting to the exchange for data about their consenting customers.
Source: Verisk Press Release