Nationwide Joins the Verisk Data Exchangetm to Drive Usage-Based Insurance Solutions

COLUMBUS, Ohio and JERSEY CITY, N.J., July 9, 2020 /PRNewswire/ -- Many drivers of connected vehicles now have a simpler, faster way to get insurance and earn discounts. Thanks to a new partnership with Verisk (Nasdaq:VRSK), a leading data analytics provider, Nationwide drivers who opt to share driving data gathered from their eligible connected vehicle, can bypass the monitoring phase of Nationwide's SmartRide^® usage-based insurance (UBI) program and learn if they qualify for an instant discount based on their driving habits. Agents are also able to provide an even better quoting experience by using existing data to provide an up-front earned discount for drivers.

How it works
To determine eligibility of the earned discount instantly, customers can choose to share driving data that has already been collected by their connected vehicles. With customer approval, Nationwide's SmartRide^® program will connect with the Verisk Data Exchangetm to leverage their driving data for a SmartRide discount. SmartRide offers a discount based on how safely someone drives, typically tracking driving behaviors and mileage for six months to determine the discount. With consumer consent, the Verisk Data Exchange will collect telematics data from eligible connected vehicles and apply advanced analytics, transforming multisource data into insurance-ready information. The turnkey integration will enable agents to quickly and efficiently offer earned discounts to insurance rates for qualified drivers, using historical driving data and eliminating the need to use an app or device.

"Consumers are increasingly demanding personalized rates, effortless experiences, and on-demand products or services tailored to their needs," said Teresa Scharn, Nationwide's associate vice president of personal lines product development. "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."

Nationwide's SmartRide program is available in 47 states and is designed to provide discounts of up to 40% for safe drivers who agree to participate. As the demand for UBI programs continue to grow, Nationwide is committed to delivering innovative, customer-friendly solutions, which encourage and reward responsible driving.

"The Verisk Data Exchange is enabling insurers to offer a unique digital experience to consumers shopping for UBI products," said Saurabh Khemka, general manager of Verisk's telematics business. "Our service eliminates the need for a driving assessment period and delivers the telematics data needed for a personalized 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."

The Verisk Data Exchangetm is a leading Internet of Things (IoT) and telematics platform, helping personal and commercial lines insurers to harness the power of data from the connected world. The Exchange works with numerous automotive and property-based data sources, applying advanced analytics to generate insights that enable superior decision-making across the life cycle of insurance. With over 6.4 million vehicles and 180 billion miles of driving data, the Exchange is one of the largest of its kind and continues to grow at an average of over 150,000 new vehicles every month.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.

Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2020

About Verisk

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. For more information, please visit www.verisk.com.

Contact:
Lyndsey Kleven  
(614) 249-6349
[email protected]

Contact:
Joe Madden
(201) 232-4486
[email protected]

SOURCE Nationwide