Hyundai Motor America, the US distributor for global automaker Hyundai Motor Company, has renewed an agreement with global data analytics provider Verisk to analyse telematics data.
Verisk provides data-driven analytic insights and solutions for the insurance and energy industries.
The partnership will see Verisk analyse telematics data from consenting owners of Hyundai and Genesis vehicles.
Verisk will also continue to be the exclusive provider of that data to auto insurers.
With its robust insurance analytics and experience as a technology provider, Verisk said 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.
In 2018, Hyundai entered into an exclusive agreement with Verisk to allow consenting drivers to share their driving behaviour habits with insurers to potentially receive discounts and lower insurance premiums.
The programme 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.
Manish Mehrotra, executive director of digital business planning and connected operations at Hyundai, said, “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. Their advanced analytics and deep understanding of the diverse needs of insurers have enabled us to grow our usage-based insurance (UBI) program and better serve our customers. We look forward to exploring additional benefits resulting from next-generation analytics to evaluate better driving behaviours.”
Joe Wodark, vice president of auto insurance underwriting solutions at Verisk, added, 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. We’re excited to continue our collaboration with Hyundai and help insurers deliver a UBI experience supporting profitable growth.”
Earlier this year, Tractable, an applied AI company, partnered with Verisk to offer AI-powered estimates for property damage.
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