Verisk Insurance Solutions, a provider of information regarding property and casualty insurance risk, announced a strategic alliance with Driveway Software. The companies will jointly develop a comprehensive smartphone telematics solution for auto manufacturers, their customers and participating insurers in U.S. and global markets through the Verisk Data Exchange.
The jointly developed solution will combine the Driveway smartphone telematics platform for data collection and driver engagement with the Verisk Data Exchange to apply driver scoring and provide a direct connection between consumers and participating insurers. The solution will leverage Driveway’s patented battery-efficient trip-capture technology and Verisk’s expertise in insurance analytics and scoring.
Through Verisk Data Exchange, consenting connected-car owners will have the option to contribute their driving data to take advantage of insurers’ usage-based insurance (UBI) programs typically designed to reward safe drivers. General Motors is the first auto manufacturer to sign on to the Verisk Data Exchange.
By leveraging Driveway’s smartphone-based solution, automakers can bring the benefits of telematics to their millions of existing customers who are not leveraging connectivity in their car.
“Most OEMs are implementing connected-car solutions in new vehicles,” said Jim Levendusky, vice president of telematics at Verisk Insurance Solutions. “However, many vehicles without embedded connectivity cannot deliver a connected-car experience to their drivers. The Driveway/Verisk telematics smartphone solution will close this gap.”
The Verisk Data Exchange also assigns consumers a driver risk score, generally similar to a credit score, that they can use to demonstrate their responsible driving history and to request that their car insurance premiums be adjusted accordingly.
“The Exchange provides automakers a one-stop solution to help their customers get the benefits of UBI,” said Mike Simmons, CEO of Driveway Software. “Rather than building and managing relationships with hundreds of insurers, automakers can have a single point of contact in Verisk Insurance Solutions, which has long-standing relationships throughout the insurance industry.”