Addition of Third Major OEM Increases Reach of the Verisk Data Exchange to 32 Percent of U.S. Auto Market
JERSEY CITY, N.J., April 17, 2018 — Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced that Hyundai Motor America has signed an exclusive agreement to join the Verisk Data ExchangeTM. As a participating automaker, Hyundai will supply Verisk with driving data from its consenting connected car owners.
Participating Hyundai customers and insurers stand to benefit. Hyundai owners and lessees will gain access to their Verisk Driving ScoreTM, a simple 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.
“Our alliance with Verisk will enable new value-added services for our customers,” said 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.”
Hyundai’s entry to the Verisk Data Exchange brings the total U.S. market share of participating automakers to 32 percent.
“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,” said Saurabh Khemka, senior vice president 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.”
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 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.
For more information, visit Verisk.com/data-exchange.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2017, Forbes magazine named Verisk to its America’s Best Mid-Size Employers list and to its World’s Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.
About Hyundai Motor America
Hyundai Motor America is focused on delivering an outstanding customer experience grounded in design leadership, engineering excellence, and exceptional value in every vehicle we sell. Hyundai’s technology-rich product lineup of cars, SUVs, and alternative-powered electric and fuel cell vehicles is backed by Hyundai Assurance—our promise to deliver peace of mind to our customers. Hyundai vehicles are sold and serviced through more than 830 dealerships nationwide, and the majority sold in the U.S. are built at U.S. manufacturing facilities, including Hyundai Motor Manufacturing Alabama. Hyundai Motor America is headquartered in Fountain Valley, California, and is a subsidiary of Hyundai Motor Company of Korea.
Author: Digital Dealer
Digital Dealer exists to help dealers and their managers sell more vehicles more profitably by creating the best live events and media in the industry.