Buying Process for Usage-Based Auto Insurance Streamlined with New Verisk Delivery Model

By Benzinga6 days ago

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Jersey City, N.J., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Making it easier for U.S. auto insurers to provide usage-based insurance (UBI) to drivers of connected cars is at the heart of a new delivery model from Verisk (NASDAQ:VRSK), a leading data analytics provider. Telematics data from the Verisk Data Exchange™ and both traditional and advanced underwriting attributes from LightSpeed® Auto can now be delivered in a single transaction. These platforms can work in tandem to help insurers streamline the UBI buying experience, improving speed to bind, conversion rates, and the customer experience.

Modern insurance buyers value an expedited quote flow and intuitive online application process. To help insurers meet their customers' evolving expectations, Verisk's new solution shortens application questionnaires and allows for the calculation of UBI discounts at point of quote, without upfront driving observation periods.

“Many modern UBI programs use driving behaviors as discount factors atop established, proxy-based auto insurance products,“ said Karthik Balakrishnan, Ph.D., senior vice president and general manager of Verisk's telematics business. “This new delivery model seamlessly provides the extensive ...

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