Through the Nationwide's SmartRide UBI programme, powered by Verisk, customers can earn up to 40% discount on auto insurance
US-based insurance firm Nationwide and Verisk have announced a partnership that will allow Nationwide auto customers driving eligible connected vehicles to bypass the monitoring phase of Nationwide’s SmartRide usage-based insurance (UBI) programme.
Through the partnership with data analytics provider Verisk, users can know whether they qualify for an instant discount based on their driving habits. Agents can also provide better quoting, by using existing data and offer discounts up-front to the customers.
The eligibility to earn discounts is determined for customers who choose to share driving data that has already been collected by their connected vehicles. Nationwide’s SmartRide programme, with consumer approval, will connect to Verisk Data Exchange to leverage driving data for a discount.
Under the programme, discounts are determined based on how safely the consumer drives, typically tracking driving behaviours and mileage for six months to determine the discount.
The integration allows agents to offer insurance discounts quickly to qualified drivers
Verisk will collect telematics data from eligible connected vehicles and apply advanced analytics to transform data into insurance-ready information.
With the integration, agents can now quickly and efficiently offer insurance discounts to qualified drivers, using historical driving data and eliminate the need to use an app or a device.
Nationwide’s personal lines product development associate vice president Teresa Scharn said: “Consumers are increasingly demanding personalised rates, effortless experiences, and on-demand products or services tailored to their needs.
“The rapidly advancing availability of data generated through evolving technology has enabled insurers to include connected car data into our pricing models.
“We’re seeing more drivers willing to consider insurance programs that offer lower rates if they allow insurers to monitor driving. Now agents will be able to offer this discount up-front and eliminate the monitoring period.”
The SmartRide programme is claimed to have been designed to offer discounts of up to 40% for safe drivers participating in the programme and it is available across 47 states in the US.
Verisk telematics business general manager Saurabh Khemka said: “The Verisk Data Exchange is enabling insurers to offer a unique digital experience to consumers shopping for UBI products. Our service eliminates the need for a driving assessment period and delivers the telematics data needed for a personalised rate at point of quote within seconds.
“Since drivers in the Exchange have already opted in to share data through their automaker, when they initiate a new SmartRide quote and agree to share their data with Nationwide, they benefit from a fast purchasing experience and potential discounts based on their driving.”