One of the Silver Sponsors of Used Car Week isn’t just spending its financial resources to help bring together the industry for the leading event that begins on Nov. 15 at the Red Rock Resort in Las Vegas.

On Tuesday, global data analytics provider Verisk announced that it acquired Data Driven Safety, a leading public record data aggregation firm that specializes in driver risk assessment in the United States.

According to a news release, the acquisition will expand Verisk’s robust auto insurance analytics, providing insurers with information to further refine underwriting, improve the customer experience and promote public safety.

Data Driven Safety (DDS), with its unique data collection and management platform, gathers information on traffic citations, vehicle accidents and driving records from public sources.  

“Adding billions of driver risk records improves the granularity of our innovative risk-indicator solutions and will help customers advance their digital transformation strategies,” said Doug Caccese, president of ISO personal lines at Verisk.

“Verisk will be able to provide insurers with a more complete and cost-effective view of auto risk while enabling them to tailor the purchase experience and reward customers that have a history of safe driving practices,” Caccese continued in the news release.

Verisk added that it did not acquire the criminal conviction (eLuminateHR.com) or health care cost recovery (MVAreCOUP.com) businesses, which will be owned and operated independently by Safer Public, LLC.

“DDS’s mission is to promote public good through the use of public record information,” Data Driven Safety chief executive officer Jason Murphy said. “By joining forces with Verisk, we will be able to increase our reach, enhance our solutions and help a wide range of customers identify safer risks through informed decisioning.” 

Verisk said it is building the future auto insurance ecosystem for insurers today

Recent Verisk analysis suggested that riskier driving behavior — that emerged as traffic decreased during the pandemic lockdowns — led to more severe violations and accidents and appears to be carrying forward as miles driven continue to climb.

To modernize auto insurance underwriting and risk assessment, Verisk developed a suite of solutions that apply advanced analytics and automation to existing and emerging data sources.

The solutions include LightSpeed Auto, which combines extensive data resources and groundbreaking predictive analytics from Verisk to deliver superior results for both auto insurers and their customers. 

Also included in Verisk’s suite of solutions is the Verisk Data Exchange, which is one of the largest telematics data exchanges of its kind and contains more than 290 billion miles of driving data from consenting drivers of connected cars.

The Verisk Data Exchange empowers auto insurers to access the driving behavior insights they need to provide telematics pricing and discounts instantly during the quoting process through the leading DrivingDNA product family.

With advanced analytics and data refinement capabilities, insurers who use Verisk’s solutions can gain turnkey access to automotive telemetry that supports the development and growth of usage-based insurance.

The company said numerous auto insurers have already connected to the Verisk Data Exchange, including four of the 10 largest U.S. carriers.

To learn more about Verisk’s personal auto solutions, visit verisk.com/personalauto.