Verisk Analytics, a risk information company, has formed a new division, Verisk Telematics. The new division will provide driver discount programs that insurers can integrate into their telematics and usage-based insurance initiatives.
Safety Scoring, the risk score based on driving behavior, helps auto insurers offer discounts that reflect how customers actually drive, Verisk said. The Safety Scoring manual rule outlines a procedure for awarding discounts to insured vehicles. Verisk's ISO unit has filed the Safety Scoring manual rule in 36 states.
The new Telematics Division offers industry data, platforms, and actuarial and modeling insight from Verisk's staff, the company said. Other current Verisk Telematics offerings include GeoMetric, a risk score and driver discount rule based on driving location that ISO has filed in 34 states; and Driving DNA, a user-friendly, Web-based portal that helps policyholders improve driving behavior by viewing feedback on driving performance.
