Jersey City, New Jersey, August 6, 2020 (GLOBE NEWSWIRE) – Verisk (Nasdaq: VRSK) today announced that, for the first time, U.S. auto insurers can access the driving knowledge of connected Honda and Acura vehicle homeowners. Knowledge, which will be gained exclusively through Verisk Data Exchange ™, can help insurers deliver the benefits of their usage-based insurance systems (UBI) to a wider audience of customers.
“The knowledge of Honda drivers with consent will be held in Verisk’s telematics product portfolio, expanding the reach of Verisk’s data exchange and helping our insurance consumers launch or expand their UBI programs,” said Karthik Balakrishnan, General Manager of Verisk’s Telematics Business. “We are bringing more OEM knowledge to insurers so they can be more successful in the market and praise drivers.”
With the customer’s consent, insurers can access Honda and Acura’s driving habit knowledge through the tendering procedure through Verisk’s telematic point-of-sale products: Verisk Driving Score ™ and Verisk Driving Data ™. Both allow insurers to use old driving habits to apply RBU discounts without delay. The Verisk Driving Score ™, an exclusive style of claims built on driving habits, is archived and must be used in 43 states and allows insurers to temporarily enter the UBI market. Verisk Driving Data ™ goal insurers have their own UBI scoring algorithms and provide standardized and inter-OEM driving knowledge that can be custom designed to meet insurer specifications. Both features allow insurers to improve UBI grocery shopping by getting rid of the need for an era of tracking and instantly providing habit-based discounts.
“When Honda’s expansive presence in the automotive market is mixed with the breadth and intensity of our telematics solutions, this will open up huge opportunities for all of our telematics shareholders. Automakers, insurers and consumers will win,” Balakrishnan said.
Verisk Data Exchange ™ is one of the leading internet of things (IoT) and telematics platforms, helping non-public and commercial insurers harness the power of connected global knowledge. The exchange works with many sources of real estate and automotive knowledge, applying synthetic intelligence and complex analytics to generate data that enables impressive decisions to be made in the life cycle of insurers’ telematics programs. With more than 6.4 million cars and 180 billion kilometers of driving knowledge, the Stock Exchange is one of the largest of its kind and continues to grow through more than 150,000 new cars each month.
To learn more about the benefits of Verisk Data Exchange ™ for your telematics program, tap [email protected].
About Vethreat Vethreat (Nasdaq: VRSK) is a leading provider of consumer knowledge analytics in the insurance, energy, specialty and monetary services markets. Using complex technologies to collect and analyze billions of records, Vethreat relies on unique knowledge assets and a deep-domain experience to deliver world-class inventions integrated into visitor workflows. Vethreat provides customers with predictive analytics and resolution responses in rating, subscription, claims, crisis and climate threats, global threat analysis, herbal resource intelligence, economic forecasting, and many other spaces. Around the world, Vethreat helps clients protect people, assets and monetary assets.
Headquartered in Jersey City, New Jersey, Verisk operates in 30 countries and is a member of Standard and Poor’s S-P 500 indices® and Nasdaq 100. For more information, visit www.verisk.com.
Brett Garrison Edelman (for Verisk) 212-639-4903 [email protected]
Chris Martin American Honda Motor Company [email protected]