Verisk, TrueMotion to Offer Integrated Telematics Product for InsurersMarch 2, 2019 5:43 pm Leave your thoughts
Data-analytics provider Verisk recently announced an agreement with TrueMotion to offer integrated telematics solutions for insurers.
The product will combine TrueMotion’s mobile data with Verisk’s driving-behavior analytics, according to Jersey City, New Jersey-based Verisk.
To develop the new solutions, Verisk will receive driving data collected through TrueMotion’s smartphone telematics platform and apply its Verisk Driving Score, which currently is filed and ready for use in 43 states. The agreement will help midsize auto insurers, among other insurers, quickly deploy or enhance existing usage-based insurance (UBI) programs, according to Verisk.
“Verisk’s work with multiple insurers, including those with midsize books of business, has shown the many hurdles they face in launching UBI programs,” said Saurabh Khemka, senior vice president and general manager of IoT/telematics at Verisk. “These challenges include developing a proprietary scoring algorithm that works across multiple sources of driving data, such as connected cars and mobile apps. It may be cost-prohibitive to launch a mobile solution in-house. An insurer needs IT and data-science resources to build apps, integrate scores and automate logistical processes. Additionally, filing a proprietary score with regulators can be a difficult process.”
As part of the agreement, Verisk will score driving-behavior data – a highly predictive measure of risk – to enable multiple use cases for insurers. This includes potential good-driver discounts, driver feedback and other forms of customer engagement.
“Insurers need driving data to power the next generation of insurance, whether it comes from a connected car or a smartphone,” TrueMotion CEO Ted Gramer said. “Midsize insurers, in particular, struggle to collect driving data because they lack the resources to launch telematics programs in-house. Our alignment with Verisk will unlock the power of mobile telematics for these insurers and give them unprecedented access to driving data.”
The TrueMotion smartphone telematics platform gives insurers actionable insights to apply scoring to their customers’ driving behavior via just a phone, according to Verisk. It uses a phone’s sensors and machine learning to accurately identify when a person is driving, how the person is driving and if the person is distracted while driving. Insurers working with Verisk can deploy TrueMotion’s patented technology through a white-label mobile app. Customers simply need to download the insurer’s app and drive.
“Our customers are looking for a common scoring solution for their telematics programs across different technology platforms,” Khemka added. “By teaming up with TrueMotion, we’re bringing the strengths of each company together for the benefit of our insurer customers.”
As a hub for connected-vehicle and connected-home data, the Verisk Data Exchange now has more than 4.5 million vehicles with more than 72 billion miles of driving data, according to the company.Tags: TrueMotion, Usage-Based Insurance
Categorised in: Insurance, News
This post was written by Telematics Talk Staff