In a move toward making telematics data more portable between insurers offering usage-based insurance programs, Verisk Analytics has announced the Verisk Telematics Data Exchange, which will officially roll out next year with data from at least one large auto manufacturer.
GM has agreed to make data from its OnStar subsidiary available to insurers through the exchange. Verisk will develop models and filings so that even insurers without extant telematics models can use data from the exchange.
"We believe that the Verisk Telematics Data Exchange will bring incredible benefits to our customers," says Greg Ross, director of connected products and programs, at General Motors. "The exchange will give customers a clear choice to seamlessly share their driving data with the insurance company of their choosing, and obtain financial benefits tied to good driving."
"The Verisk Telematics Data Exchange has the potential to transform how auto insurance is bought and sold, and we're excited that GM is the first auto manufacturer to sign up," adds Jim Levendusky, vice president of Telematics at Verisk Insurance Solutions. "For insurers, the availability of driving data from consenting customers can help spur innovative usage-based insurance programs, including the ability to price policies based on driver behavior. Consumers who opt into the program and demonstrate good driving habits may be rewarded with lower insurance premiums, reducing their vehicle ownership costs."
