Usage-based car insurance isn't a totally new thing, but most of the existing programs require you to plug an OBD-II dongle into your car so it can monitor your driving habits. Hyundai thinks it can do one better and is moving to integrate its BlueLink connected car platform with the Verisk Data Exchange.
Before you fire up your torches and start sharpening your pitchforks, Hyundai will only share the driving data of customers who opt in. That said, if you don't drive much or you drive like a proverbial granny, Hyundai's data share might end up being a great way to save some cash.
"Our alliance with Verisk will enable new value-added services for our customers," said Manish Mehrotra, director of digital business planning and connected operations, Hyundai Motor America. "Hyundai customers will have access to their portable Verisk Driving Score, which can lead to discount offers on UBI programs and support driver feedback that helps improve their driving."
What is the Verisk Data Exchange? Fair question. In a word, it's big data. Verisk collects and analyzes vast sums of data to extrapolate trends. By vast we mean that the exchange now tracks 3.3 million cars and is growing by over 150,000 cars per month. In total it has logged 36.5 billion miles worth of driving data that in turn creates much more accurate actuarial tables. And what's an actuarial table? It's how insurance companies determine how much they're going to charge you to cover you or your stuff.
"This agreement with Hyundai further establishes the Verisk Data Exchange as the solution of choice for automakers seeking to connect their customers with innovative insurers," said Saurabh Khemka, senior vice president and general manager for Verisk IoT/Telematics. "As growing numbers of insurers use the exchange for underwriting and claims solutions, it will help drive evolution within the insurance industry."
While the data share is optional for drivers, all new Hyundai vehicles come with BlueLink activated and free of charge for three years. It can help drivers with features like remote start, remote lock and unlock, car finder and enhanced roadside assistance.