Hyundai Motor America introduces the Usage Based Insurance (UBI) program and Driving Scoreii to promote safe and efficient driving habits and potentially save owners hundreds of dollars on their auto insurance. Through leading global data analytic provider, Verisk Hyundai drivers are now able to share their driving behavior habits with insurers to potentially receive discounts and lower insurance premiums – which is especially important to younger shoppers looking at models such as the all-new Hyundai Elantra and Tucson. UBI and the Driving Score are now live on MyHyundai.com.
“As demand for more transparent auto insurance pricing grows, usage-based insurance is a powerful way for Hyundai drivers to have greater control over their insurance costs,” said Manish Mehrotra, executive director, Digital Business Planning and Connected Operations, Hyundai Motor North America. “Providing our drivers with engaging tools that can promote safer driving habits and unlock new insurance discounts is awesome. Our owners expect this kind of technology and want to pay the right amount. No one wants to pay more than they actually should.”
How It Works
To promote safe driving, Hyundai drivers can now access a new Driving Scoreiii tool, available through Hyundai Blue Link and powered by Verisk’s analytics. The new feature provides a personalized Driving Score and helpful safe driving recommendations. Verisk has developed these insights through an extensive examination of key driving characteristics that have a proven correlation with insurance losses, including smooth driving, speed responsibility, driving time of day, consistent driving and time behind the wheel.
The Driving Score (calculated each week) ranges from 0-100, worst-to-best. Tips are provided on MyHyundai.com for owners to improve their driving habits, become safer drivers, increase fuel economy, and improve their driving scores. For example, a driver could improve their score by braking smoothly, less late night driving and accelerating gently.
Drivers of Blue Link connected Hyundai vehicles can share their driving habits to potentially earn instant behavior-based premium discounts from some of the top U.S. auto insurers that connect to the Verisk Data Exchange™. The Exchange is one of the largest of its kind with more than 240 billion miles of driving data from consenting drivers. Hyundai owner consent is required to provide data to the Exchange or individual insurers, and they can opt out at any time.iv
“The Verisk Data Exchange was built to make usage-based insurance easier and more accessible,” said Karthik Balakrishnan, senior vice president and general manager of Verisk’s telematics business. “Hyundai shares this vision and together, we look forward to this new collaboration and its many benefits for consumers as well as auto insurers.”
The Verisk Data Exchange empowers auto insurers to access the behavioral information they need to calculate discounts instantly during the quoting process through two leading point of sale solutions, the Verisk Driving Score™ and Verisk Driving Data™. Using advanced analytics and data refinement capabilities, insurers benefit from turnkey access to Hyundai telemetry to support UBI product development and growth. Numerous auto insurers have already connected to the Verisk Data Exchange™, including three of the ten largest U.S. carriers.
Verisk Data Exchange
The Verisk Data Exchange is a leading Internet of Things (IoT) platform, helping personal and commercial line insurers to harness the power of data from the connected world. The Exchange works with numerous automotive and property-based data sources, applying artificial intelligence and advanced analytics to generate insights that enable superior decision-making across the life cycle of insurers’ telematics programs. With over 7.6 million vehicles and 240 billion miles of driving data, the Exchange is one of the largest of its kind and continues to grow by over 200,000 new vehicles every month.