Verisk, a Jersey City, N.J.-based data analytics provider, announced that Hyundai Motor America has signed an exclusive agreement to join the Verisk Data Exchange.
As a participating automaker, Hyundai will supply Verisk with driving data from its consenting connected-car owners.
Hyundai owners and lessees will gain access to their Verisk Driving Score, a metric that assesses individual driving behavior. Insurers can use scores from the Verisk Data Exchange to support usage-based insurance (UBI) programs through a related rating rule available for use in 42 states and the District of Columbia, according to Verisk.
“Our alliance with Verisk will enable new value-added services for our customers,” said Manish Mehrotra, director of digital business planning and connected operations for Hyundai Motor America. “Hyundai customers will have access to their portable Verisk Driving Score, which can lead to discount offers on UBI programs and support driver feedback that helps improve their driving.”
With Hyundai in the fold, automakers participating in the Verisk Data Exchange now represent 32 percent of the total U.S. market, according to the company.
“This agreement with Hyundai further establishes the Verisk Data Exchange as the solution of choice for automakers seeking to connect their customers with innovative insurers,” said Saurabh Khemka, senior vice president and general manager for Verisk IoT/Telematics. “As growing numbers of insurers use the exchange for underwriting and claims solutions, it will help drive evolution within the insurance industry.”
As a hub for connected-vehicle and smart-home data, the Verisk Data Exchange helps insurers achieve more accurate rating, proactive loss mitigation services and faster first notice of loss, according to Verisk. The exchange now has 3.3 million cars with more than 36.5 billion miles of driving data and is growing at more than 150,000 vehicles every month, according to the company.