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Buying Process for Usage-Based Auto Insurance Streamlined with New Verisk Delivery Model

Written by Customer Service on . Posted in Public Companies.

Jersey City, N.J., Jan. 14, 2021 (GLOBE NEWSWIRE) — Making it easier for U.S. auto insurers to provide usage-based insurance (UBI) to drivers of connected cars is at the heart of a new delivery model from Verisk (Nasdaq: VRSK), a leading data analytics provider. Telematics data from the Verisk Data Exchange™ and both traditional and advanced underwriting attributes from LightSpeed®Auto can now be delivered in a single transaction. These platforms can work in tandem to help insurers streamline the UBI buying experience, improving speed to bind, conversion rates, and the customer experience.Modern insurance buyers value an expedited quote flow and intuitive online application process. To help insurers meet their customers’ evolving expectations, Verisk’s new solution shortens application questionnaires and allows for the calculation of UBI discounts at point of quote, without upfront driving observation periods.“Many modern UBI programs use driving behaviors as discount factors atop established, proxy-based auto insurance products,” said Karthik Balakrishnan, Ph.D., senior vice president and general manager of Verisk’s telematics business. “This new delivery model seamlessly provides the extensive suite of data required by this product strategy in a single transaction.”By bringing telematics and traditional data together, insurers benefit from increased quote throughput and operational efficiency gains that support profitable growth.How does the new integration work?Verisk returns prefill data on drivers, vehicles, coverages, licensing, violations, and losses from LightSpeed® Auto, and scores the raw data it uses for thoroughness and potential fraud. Insurers also access information on a consumer’s driving behavior patterns from the Verisk Data Exchange. This includes the best-in-class Verisk Driving Score™, a customizable data package to fuel an insurer’s proprietary telematics risk score, or an indicator that associated telematics data is available. Verisk employs advanced entity resolution capabilities to link VIN-level telematics data to the individual vehicle driver.The Verisk Data Exchange contains normalized driving behavior attributes from consenting drivers of connected vehicles. With over 7 million vehicles from leading automakers including Ford, General Motors, Honda, and Hyundai and 220 billion miles of driving data, the Exchange is one of the largest of its kind.LightSpeed Auto combines Verisk’s extensive data resources and groundbreaking predictive analytics, bringing key decision points further forward in the workflow. Precise business rules can be applied to each transaction and the solution is backed by RISK:check® Point of Sale, improving application integrity and combatting premium leakage from underwriting fraud.“We are continuously focusing on innovative new solutions that can help insurers attain an edge,” said Jeremy Cook, senior vice president of ISO personal lines at Verisk. “Combining the benefits of LightSpeed Auto with the Exchange’s extensive telematics capabilities, we are creating even more efficiencies and value for insurers.”About Verisk 
Verisk (Nasdaq: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.Media Contact:
Brett Garrison
Verisk
917-639-4903
Verisk@Edelman.com

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