Verisk, a leading data analytics provider, announced that Root has joined the Verisk Data Exchange in the US. As a participating insurer, Root will gain access to insurance-ready driving data from consenting consumers to enhance its UBI program. “We’re excited to be one of the first insurance carriers in the country to provide an immediate discount to safe drivers based on the historical driving data coming from their vehicles. The Verisk Data Exchange lets us use data from a variety of automakers to provide the deepest discounts for car insurance to the safest drivers. Root’s best-in-class mobile insurance application lets the consumer opt in to sharing the car’s driving history and provides a quote to the customer within seconds.” – Kumi Walker, chief corporate development and strategy officer at Root. Today, Root is able to use driving data from the exchange in its own scoring model to price UBI coverage at point of sale. Also starting later this year, Root will use the exchange’s Discount Alert product, which lets insurers offer competitive insurance rates to qualified drivers based on their driving behavior. Using Discount Alert, Root can provide a seamless digital buying experience for the customer by marketing directly to drivers in the exchange seeking insurance offers. “The Verisk Data Exchange continues to expand, with more than 5 million active vehicles, 100 billion miles of driving data collected, and a growing list of insurance carriers using the exchange to provide insurance offers to consumers. The scale we’ve achieved by working with automakers and insurers has the potential to drive a transformation in auto insurance through companies like Root, which is pioneering the delivery of connected car benefits to consumers.” – Saurabh Khemka, senior vice president and general manager, Verisk IoT/Telematics.
US firm Root Insurance is set to enhance its usage-based insurance (UBI) coverage after joining the Verisk Data Exchange. The company will be able to offer a wider range of products and services in Europe as part of the new exchange that launched on Monday. In addition, Root will deploy the exchange's Discount Alert later this year, enabling insurers to offer good drivers competitive rates.