(Hyundai vehicles at the company’s U.S. headquarters in Montgomery, Ala. Source: Hyundai.)
Verisk (Jersey City, N.J.), a provider of data analytics solutions to the insurance industry, announced that Hyundai Motor America (Montgomery, Ala.) 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’s entry to the Verisk Data Exchange brings the total U.S. market share of participating automakers to 32 percent, Verisk reports.
As a hub for connected vehicle and smart home data, the Verisk Data Exchange is the insurance industry’s leading Internet of Things (IoT) platform helping personal and commercial lines insurers achieve more accurate rating, proactive loss mitigation services, and faster first notice of loss, the vendor claims. 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 a Verisk source.
“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,” comments Saurabh Khemka, SVP and general manager, 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.”
Benefits to Hyundai Customers, Insurers
Hyundai owners and lessees will benefit from the company’s participation through gaining 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, Verisk reports.
“Our alliance with Verisk will enable new value-added services for our customers,” comments Manish Mehrotra, director of digital business planning and connected operations, 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.”