COLUMBUS, Ohio and JERSEY CITY, N.J., July
9, 2020 /PRNewswire/ -- Many drivers of connected vehicles
now have a simpler, faster way to get insurance and earn discounts.
Thanks to a new partnership with Verisk (Nasdaq:VRSK), a leading
data analytics provider, Nationwide drivers who opt to
share driving data gathered from their eligible connected vehicle,
can bypass the monitoring phase of Nationwide's
SmartRide® usage-based insurance (UBI) program and learn
if they qualify for an instant discount based on their
driving habits. Agents are also able to provide an even better
quoting experience by using existing data to provide an up-front
earned discount for drivers.
How it works
To determine eligibility of the earned discount instantly,
customers can choose to share driving data that has already been
collected by their connected vehicles. With customer approval,
Nationwide's SmartRide® program will connect with the
Verisk Data Exchange™ to leverage their driving data for a
SmartRide discount. SmartRide offers a discount based on how
safely someone drives, typically tracking driving behaviors and
mileage for six months to determine the discount. With consumer
consent, the Verisk Data Exchange will collect telematics data from
eligible connected vehicles and apply advanced analytics,
transforming multisource data into insurance-ready information. The
turnkey integration will enable agents to quickly and efficiently
offer earned discounts to insurance rates for qualified drivers,
using historical driving data and eliminating the need to use an
app or device.
"Consumers are increasingly demanding personalized rates,
effortless experiences, and on-demand products or services tailored
to their needs," said Teresa Scharn,
Nationwide's associate vice president of personal lines product
development. "The rapidly advancing availability of data generated
through evolving technology has enabled insurers to include
connected car data into our pricing models. We're seeing more
drivers willing to consider insurance programs that offer lower
rates if they allow insurers to monitor driving. Now agents will be
able to offer this discount up-front and eliminate the monitoring
period."
Nationwide's SmartRide program is available in 47 states and is
designed to provide discounts of up to 40% for safe drivers who
agree to participate. As the demand for UBI programs continue to
grow, Nationwide is committed to delivering innovative,
customer-friendly solutions, which encourage and reward responsible
driving.
"The Verisk Data Exchange is enabling insurers to offer a unique
digital experience to consumers shopping for UBI products," said
Saurabh Khemka, general manager of
Verisk's telematics business. "Our service eliminates the need for
a driving assessment period and delivers the
telematics data needed for a personalized rate at point of quote
within seconds. Since drivers in the Exchange have already opted in
to share data through their automaker, when they initiate a new
SmartRide quote and agree to share their data with
Nationwide, they benefit from a fast purchasing experience and
potential discounts based on their driving."
The Verisk Data Exchange™ is a leading Internet of Things (IoT)
and telematics platform, helping personal and commercial lines
insurers to harness the power of data from the connected world. The
Exchange works with numerous automotive and property-based data
sources, applying advanced analytics to generate insights that
enable superior decision-making across the life cycle of insurance.
With over 6.4 million vehicles and 180 billion miles of driving
data, the Exchange is one of the largest of its kind and continues
to grow at an average of over 150,000 new vehicles every month.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and
strongest diversified insurance and financial services
organizations in the United
States. Nationwide is rated A+ by both A.M. Best and
Standard & Poor's. An industry leader in driving
customer-focused innovation, Nationwide provides a full range of
insurance and financial services products including auto, business,
homeowners, farm and life insurance; public and private sector
retirement plans, annuities and mutual funds; excess & surplus,
specialty and surety; pet, motorcycle and boat insurance. For
more information, visit www.nationwide.com. Follow us
on Facebook and Twitter.
Nationwide, Nationwide is on your side and the Nationwide N and
Eagle are service marks of Nationwide Mutual Insurance Company. ©
2020
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. For more
information, please visit www.verisk.com.
Contact:
Lyndsey Kleven
(614) 249-6349
KLEVEL1@nationwide.com
Contact:
Joe Madden
(201) 232-4486
Joseph.Madden@Verisk.com
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SOURCE Nationwide