Many drivers of connected vehicles now have a simpler, faster way to get insurance and earn discounts. Thanks to a new partnership with Verisk, 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.
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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 Exchange™ 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.
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“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.”
