Verisk Acquires Data Driven Safety to Further Expand Auto Insurance Analytics
03 November 2021 - 7:45AM
Verisk (Nasdaq:VRSK), a leading global data analytics
provider, has acquired Data Driven Safety, a leading public record
data aggregation firm that specializes in driver risk assessment in
the United States. The acquisition will expand Verisk’s robust auto
insurance analytics, providing insurers with information to further
refine underwriting, improve the customer experience and promote
public safety.
Data Driven Safety, with its unique
data collection and management platform, gathers information on
traffic citations, vehicle accidents and driving records from
public sources.
“Adding billions of driver risk
records improves the granularity of our innovative risk-indicator
solutions and will help customers advance their digital
transformation strategies," said Doug Caccese, president of ISO
Personal Lines at Verisk. "Verisk will be able to provide insurers
with a more complete and cost-effective view of auto risk while
enabling them to tailor the purchase experience and reward
customers that have a history of safe driving practices.”
Jason Murphy, CEO of Data Driven
Safety (DDS), said of the acquisition, "DDS’s mission is to promote
public good through the use of public record information.
By joining forces with Verisk, we will be able to increase our
reach, enhance our solutions, and help a wide range of customers
identify safer risks through informed decisioning.”
Verisk did not acquire the criminal
conviction (eLuminateHR.com) or health care cost recovery
(MVAreCOUP.com) businesses, which will be owned and operated
independently by Safer Public, LLC.
Verisk is building the future auto
insurance ecosystem for insurers today
Recent Verisk
analysis suggests that riskier driving behavior—that emerged
as traffic decreased during the pandemic lockdowns—led to more
severe violations and accidents and appears to be carrying forward
as miles driven continue to climb. To modernize auto insurance
underwriting and risk assessment, Verisk has developed a suite of
solutions that apply advanced analytics and automation to existing
and emerging data sources. The solutions include LightSpeed
Auto, which combines extensive data resources and
groundbreaking predictive analytics from Verisk to deliver superior
results for both auto insurers and their customers.
Also included in Verisk’s suite of
solutions is the Verisk Data Exchange™, which is one of the largest
telematics data exchanges of its kind and contains more than 290
billion miles of driving data from consenting drivers of connected
cars. The Verisk Data Exchange empowers auto insurers to
access the driving behavior insights they need to provide
telematics pricing and discounts instantly during the quoting
process through the leading DrivingDNA® product family.
With advanced analytics and data refinement capabilities, insurers
who use Verisk’s solutions can gain turnkey access to automotive
telemetry that supports the development and growth of usage-based
insurance. Numerous auto insurers have already connected to the
Verisk Data Exchange, including four of the 10 largest U.S.
carriers.
To learn more about Verisk's personal
auto solutions, visit verisk.com/personalauto.
About Data Driven
Safety
Data Driven Safety (DDS) is a leading
public record data aggregation firm that specializes in driver risk
assessment in the United States. With its industry-leading data
collection and management platform, DDS efficiently retrieves
disparate data from thousands of local law enforcement, DMVs and
judicial organizations on a daily basis. DDS then synthesizes
this difficult-to-obtain data to provide valuable insights to help
insurers reduce costs, better manage risk and anticipate
operational challenges.
About Verisk
Verisk (Nasdaq:VRSK) provides
predictive analytics and decision-support solutions to customers in
the insurance, energy and specialized markets, and financial
services industries. More than 70 percent of the FORTUNE 100 relies
on the company's advanced technologies to manage risks, make better
decisions and improve operating efficiency. The company's
analytic solutions address insurance underwriting and claims,
fraud, regulatory compliance, natural resources, catastrophes,
economic forecasting, geopolitical risks, as well as environmental,
social and governance (ESG) matters. Celebrating its
50th anniversary, the company continues to make the world
better, safer and stronger, and fosters an inclusive and
diverse culture where all team members feel
they belong. With more than 100 offices in nearly 35 countries,
Verisk consistently earns certification by Great Place to
Work. For more: Verisk.com, LinkedIn, Twitter, Facebook and
YouTube.
Contact:
Michelle Pantina
551-500-7327
michelle.pantina@verisk.com
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