(Image source: Hyundai.)
Hyundai Motor America (Fountain Valley, Calif.), the U.S. distributor for global automaker Hyundai Motor Company, and Verisk (Jersey City, N.J.), a global data analytics provider, have renewed an agreement first signed in 2018 in which Verisk will analyze telematics data from consenting owners of Hyundai and Genesis vehicles. In a statement about the agreement, Verisk says it will also continue to be the exclusive provider of that data to auto insurers. Insurers will be able to access the data from the Verisk Data Exchange and price the policies of applicable Hyundai and Genesis owners based on the relative safety of their driving, the Verisk statement says.
“Verisk has proven itself as a critical partner in bringing our connected vehicle data to the insurance market and generating value for Hyundai and our customers,” comments Manish Mehrotra, executive director of digital business planning and connected operations, Hyundai. “Their advanced analytics and deep understanding of the diverse needs of insurers have enabled us to grow our usage-based insurance program and better serve our customers. We look forward to exploring additional benefits resulting from next-generation analytics to evaluate better driving behaviors.”
“Verisk Data Exchange insurer transactions for Hyundai have more than doubled over the past year alone, which tells us the adoption of UBI continues to surge,” comments Joe Wodark, VP, of auto insurance underwriting solutions at Verisk. “We’re excited to continue our collaboration with Hyundai and help insurers deliver a UBI experience supporting profitable growth.”
In 2018, Hyundai entered into an exclusive agreement with Verisk to allow consenting drivers to share their driving behavior habits with insurers to potentially receive discounts and lower insurance premiums. The program provides insurers with the option to access Verisk’s DrivingDNA Score, a predictive model and corresponding rating rule that uses telematics data for UBI risk segmentation and pricing precision, or use their own proprietary model.
The Verisk Data Exchange is an Internet of Things (IoT) and telematics platform, helping multiple carriers—including 4 of the top 10 personal auto insurers in the United States—make more informed decisions with data from the connected world, according to a Verisk statement. Working with leading automakers, telematics service providers (TSPs), and property-based data sources, the Exchange uses advanced analytics to transform raw trip and sensor data into insurance-ready insights. Verisk characterizes the Verisk Data Exchange as one of the largest databases of connected car telematics data in North America, using rich, trip-level data from millions of vehicles and behavioral insights from connected properties to give insurers purpose-built access to risk insights that support superior decision-making across the policy life cycle.