GM First Automaker to Join Verisk Telematics Data Exchange
Staff Writer | September 03, 2015
Verisk Insurance Solutions introduces the Verisk Telematics Data Exchange, a 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 will officially roll out its Telematics Data Exchange in the summer of 2016.
"We believe the Verisk Telematics Data Exchange will bring incredible benefits to our customers," says Greg Ross, director of connected products and programs, at General Motors. "The exchange will give customers a clear choice to seamlessly share their driving data with the insurance company of their choosing, and obtain financial benefits tied to good driving."
"Auto insurers have historically assessed risk using proxies such as age, marital status, and credit-based insurance scores," says Neil Spector, president of underwriting at Verisk Insurance Solutions. "However, the most accurate and fair measure of driver risk is how, where, and when policyholders drive. Many insurers have launched UBI programs using plug-in devices or smartphones to capture driving data. But the cost constraints and technology challenges of those data collection methods have limited the widespread adoption of UBI programs."
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.
"The Verisk Telematics Data Exchange has the potential to transform how auto insurance is bought and sold, and we're excited that GM is the first auto manufacturer to sign up," says Jim Levendusky, vice president of telematics at Verisk Insurance Solutions. "For insurers, the availability of driving data from consenting customers can help spur innovative usage-based insurance programs, including the ability to price policies based on driver behavior. Consumers who opt into the program and demonstrate good driving habits may be rewarded with lower insurance premiums, reducing their vehicle ownership costs."
The Verisk Telematics Data Exchange can also benefit insurers that are already collecting telematics data and have launched UBI initiatives, according to Levendusky. And the exchange creates new opportunities for customers who choose to deepen their relationship with auto manufacturers.
"UBI comes with real costs," added Levendusky. "Our exchange lets insurers offer UBI without navigating many of the logistical challenges."
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