New York and Connecticut Approve Latest Version of OCTO Telematics DriveAbility® Advanced Score for Automobile Insurance Prices | Companies
BOSTON – (BUSINESS WIRE) – Sept. July 2021–
OCTO Telematics, the leading provider of insurance and fleet telematics services and analytics, today announced that the latest version of OCTO DriveAbility® Advanced Score has been approved for auto insurance pricing in both New York and Connecticut. DriveAbility Advanced Score is approved for use in most states and has been used by leading auto insurers since 2008.
The latest score enhancements build on the success of previous generations, offering greater predictive power and greater flexibility in configuring the score to meet exact customer requirements or those set by individual regulators. The combination of OCTO’s deep understanding of the needs and goals of individual U.S. regulators, our actuarial science discipline, and our appointment as a tariff service organization uniquely positions us to help insurers get their telematics programs to market in the shortest possible time to bring and to scale in further states possible.
The OCTO DriveAbility ® Advanced Score is a device-independent score for driving risk behavior that uses the robust driving data set from OCTO in conjunction with suitable data-driven modeling techniques as the basis of a highly predictive risk assessment algorithm that offers a 10-fold increase in the case of observed losses. Insurance case and policy data for all drivers rated with DriveAbility enable the modeling of the actually observable damage costs in relation to specific driving behavior as well as the understanding of the interaction between classic insurance data and telematics data. Rather than simply measuring the number of times a particular driver might be involved in a crash, OCTO uniquely predicts the cost of claims associated with such driving and brings highly relevant information into the insurer’s pricing.
In another market, the DriveAbility Advanced Score is not only available for our own telematics solutions, but has also been used successfully by 10 different telematics service providers with a variety of technology solutions (e.g. app only, app plus tag, OBD-II), and OEM embedded). This offers our customers maximum flexibility to meet current and future customer needs.
About OCTO Telematics
Founded in 2002, OCTO is a leading provider of telematics services and advanced data analysis for the insurance sector and increasingly one of the leading companies offering solutions for fleet telematics and smart mobility. With the already established unique offers from OCTO in the field of Insurtech and Smart Mobility, OCTO continues to expand into new sectors and international markets. In the context of an increasingly connected world, OCTO’s advanced analytics and its IoT big data generate actionable analytics that bring a new era of intelligent telematics to life. Today it has over 5.5 million connected users and the largest database of vehicle telematics data in the world with over 290 billion miles of collected driving data and 485,000 analyzed claims and insurance events. It also manages over 400,000 vehicle rentals per month.
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CONTACT: OCTO Telematics Media contact:
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS CONNECTICUT NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY AUTOMOBILE OTHER PROFESSIONAL SERVICES INSURANCE AUTOMOBILE MANUFACTURING OTHER AUTOMOBILE OTHER TECHNOLOGY CONSULTING MANUFACTURING TELECOMMUNICATION
SOURCE: OCTO Telematics
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PUB: 07/19/2021 08:00 / DISC: 07/19/2021 08:02
Copyright Business Wire 2021.