Verisk (Nasdaq:VRSK), a leading global insurance data analytics provider, and Geotab, a global leader in IoT and connected transportation, announced today that the Verisk Data Exchange(TM) Add-In is now available on the Geotab Marketplace.
Fleet customers of Geotab, which provides award-winning connected vehicle solutions for improved fleet management to more than two million global subscribers, can now choose to share their telematics data directly with insurers participating in the Verisk Data Exchange(TM) through this new integration. The data will help commercial auto insurers gain more granular insights into fleet risks to refine underwriting, rating, and other potential insurance services for participating policyholders.
"Adding Geotab to our network helps us expand the reach of our innovative tools in the commercial auto market," said Saurabh Khemka, President, ISO Commercial Lines. "This integrated offering helps us provide a reliable channel for Geotab customers to share their telematics data with insurers and bring telematics analytics and usage-based-insurance (UBI) products to the forefront of commercial auto risk management."
The Verisk Data Exchange Add-In to the MyGeotab dashboard is now available through the Geotab Marketplace, a growing portfolio of mobile apps, hardware Add-Ons and software Add-Ins that enable Geotab customers to better manage their fleets.
"We are excited to welcome Verisk to the Geotab Marketplace," said Louis De Jong, Executive Vice President at Geotab. "This new Marketplace offering enables customers to achieve an even greater return on investment from their Geotab solution by helping to bring focus to insurance needs as part of the total cost of ownership of their commercial fleet."
The use of telematics data from connected vehicle companies such as Geotab presents new opportunities to help improve the risk management process for the range of stakeholders in the commercial auto space, including:
-- insurance providers that seek to offer policies based on driving behaviors
-- brokers and agents who want to provide competitive rates to clients as a business development and retention tool
-- fleet operators looking to manage their insurance and total ownership costs
Stakeholders can benefit from risk-adjusted pricing and telematics-supported insurance programs, and the new Geotab Marketplace integration with the Verisk Data Exchange helps simplify the process by enabling the data services necessary to underpin this evolution in commercial auto insurance.
As a hub for connected vehicle and smart home data, the Verisk Data Exchange is the insurance industry's leading IoT platform, helping personal and commercial lines insurers achieve more accurate rating, proactive risk management, and faster claims response. The exchange currently processes data on over 6.2 million vehicles daily, has more than 170 billion miles of driving data, and is growing by nearly 150,000 vehicles every month.
For more information about the Verisk Data Exchange, visit verisk.com/telematics. For more information about Geotab, visit geotab.com.
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.
Geotab is advancing security, connecting commercial vehicles to the internet and providing web-based analytics to help customers better manage their fleets. Geotab's open platform and Marketplace, offering hundreds of third-party solution options, allows both small and large businesses to automate operations by integrating vehicle data with their other data assets. As an IoT hub, the in-vehicle device provides additional functionality through IOX Add-Ons. Processing billions of data points a day, Geotab leverages data analytics and machine learning to help customers improve productivity, optimize fleets through the reduction of fuel consumption, enhance driver safety, and achieve strong compliance to regulatory changes. Geotab's products are represented and sold worldwide through Authorized Geotab Resellers. To learn more, please visit www.geotab.com and follow us @GEOTAB and on LinkedIn.
Geotab Communications Manager
Edelman (for Verisk)