By enabling connections across a vast network of telematics
data sources, the Verisk Data Exchange™ enhances the accuracy and
efficiency of insurance underwriting
SANTA CLARA, Calif.,
Aug. 16, 2021 /PRNewswire/ -- Based
on its recent analysis of the North American telematics data
exchange market, Frost & Sullivan recognizes Verisk Analytics
(Nasdaq: VRSK) with the 2021 North American Company of the Year
Award for pioneering connected telematics data exchange technology.
With the largest data repository of connected vehicle driving data
in North America, the Verisk Data
Exchange provides significant value to consumers, insurers, and
original equipment manufacturers (OEMs). Consumers benefit from
personalized premiums, insurers gain unprecedented access to
telematics data from connected vehicles and operational
efficiencies for their usage-based insurance (UBI) programs, and
OEMs are able to deliver enhanced connected services that enrich
the overall ownership experience for their drivers.
"Verisk has successfully built a platform that supports major
stakeholders, such as insurers and OEMs, while planning for the
future of connectivity," said Niranjan
Manohar, Consulting Director, Mobility. "By providing
instant access to telematics data from connected vehicles, its
platform allows insurers to assess risks accurately. The resulting
operational efficiencies enable them to not only streamline
underwriting processes but identify and retain safer drivers and
increase customer touchpoints."
With driver cosent, Verisk's platform collects data from more
than 8 million telematics-equipped vehicles through relationships
with four major OEMs: Ford, GM, Honda, and Hyundai. Through
Verisk's risk analytics capabilities and reach to insurers, these
OEM alliance partners can deliver high-value connected services
that enhance the ownership experience, helping drivers improve and
making it easier to unlock behavior-based discounts. Even though
other telematics service providers draw data from millions of
vehicles, few companies can boast the network effect that Verisk
achieves through its Verisk Data Exchange.
In addition to connected vehicles, the platform also supports
other sources of telematics data: third-party telematics solution
providers (TSPs), aftermarket hardware solutions, and smartphones.
This source-agnostic approach allows the Verisk Data Exchange to
support both personal and commercial lines of auto insurance.
The data exchange model changes the dynamics between insurers
and customers by enabling continuous and ongoing interactions. As
connected vehicles become standard, insurers will find it easier to
onboard new customers to usage-based insurance (UBI) policies
because embedded telematics requires no additional monitoring.
Verisk's popular DrivingDNA® solutions deliver advanced
telematics risk scores and normalized telematics data to insurers
at point of quote, allowing them to calculate safe driving
discounts upfront. Furthermore, insurers can use this data to
assess portfolio risk more accurately, create driver scoring
models, and improve customer engagement tools, benefitting policy
holders.
"In a space that has seen many new entrants emerge, Verisk
remains a trusted name with years of experience. Besides four of
North America's largest OEMs
signing into the network, Verisk serves five of the top 10 insurers
as well as numerous other mid-market, regional, and insurtech
customers," noted Niranjan Manohar.
"As the network of connected vehicles continues to expand, the
Verisk Data Exchange is poised to scale and adapt to the needs of
insurance partners, OEMs, and drivers."
Each year, Frost & Sullivan presents a Company of the Year
award to the organization that demonstrates excellence in terms of
growth strategy and implementation in its field. The award
recognizes a high degree of innovation with products and
technologies and the resulting leadership in terms of customer
value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies
in a variety of regional and global markets for demonstrating
outstanding achievement and superior performance in areas such as
leadership, technological innovation, customer service, and
strategic product development. Industry analysts compare
market participants and measure performance through in-depth
interviews, analyses, and extensive secondary research to identify
best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned
for its role in helping investors, corporate leaders, and
governments navigate economic changes and identify disruptive
technologies, Mega Trends, new business models, and companies to
action, resulting in a continuous flow of growth opportunities to
drive future success. Contact us: Start the discussion.
Contact:
Lindsey Whitaker
P: +1 (210) 477-8457
E: lindsey.whitaker@frost.com
About Verisk Analytics
Verisk (Nasdaq:VRSK) provides predictive analytics and
decision-support solutions to customers in the insurance, energy
and specialized markets, and financial services industries. More
than 70 percent of the FORTUNE 100 relies on the company's advanced
technologies to manage risks, make better decisions and improve
operating efficiency. The company's analytic solutions address
insurance underwriting and claims, fraud, regulatory compliance,
natural resources, catastrophes, economic forecasting, geopolitical
risks, as well as environmental, social, and governance (ESG)
matters. Celebrating its 50th anniversary, the company continues to
make the world better, safer and stronger, and fosters an inclusive
and diverse culture where all team members feel they belong. With
more than 100 offices in nearly 35 countries, Verisk consistently
earns certification by Great Place to Work. For more: Verisk.com,
LinkedIn, Twitter, Facebook, and YouTube.