OCTO Telematics and Ford Collaborate to Provide More Accurate Risk Assessments for Auto Insurance | news
BOSTON, Mass. & DETROIT, Michigan – (BUSINESS WIRE) – Nov. July 2021–
OCTO Telematics today announced a new agreement with Ford Motor Company. By leveraging Ford’s networked vehicle data, OCTO will expand its market-leading predictive insurance risk score, the OCTO DriveAbility ® Score. The integration provides auto insurers and their policyholders with a seamless experience with highly accurate pricing based on driving data taken directly from Ford vehicles with embedded connectivity.
“We are excited to work with OCTO to provide insurance carriers with enhanced valuation capabilities through Ford’s connected vehicle data,” said Kari Novatney, general manager, Connectivity Strategy & Partnerships, Ford Motor Company. “OCTO offers insurers the opportunity to better manage risks based on actual driving behavior. This means that Ford customers can benefit from a personalized insurance tariff with a larger selection of insurance carriers. “
DriveAbility Score combines Ford Connected Vehicle data, available for most 2020 vehicles and newer Ford and Lincoln vehicles in the context of factors such as weather and road type, with policy and claims data from a large pool of insurers to create a Delivering an assessment that is not only highly predictive of claims costs, but is accurate from the first trip. DriveAbility has assessed more than one million vehicles on five continents and is configurable to meet specific needs of auto insurers.
“We are excited to partner with Ford to leverage their connected vehicle technology to improve insurance risk assessments for insurers and their customers,” said Nicola Veratelli, CEO, OCTO Telematics, “and we look forward to opportunities for incremental mobility services to explore who will benefit OCTO customers and Ford vehicle owners alike. “
OCTO DriveAbility Score takes an owner-centered approach to networked services. Ford owners with compatible vehicles can register through participating insurers to learn more about their driving behavior and the opportunity to be rewarded for driving safely.
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 of 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 suite generate actionable analytics that usher in a new era of intelligent telematics. 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. Please visit octotelematics.com for more information.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to building a better world where everyone can move freely and achieve their dreams. The company’s Ford + Plan for Growth and Value combines existing strengths, new skills and ongoing customer relationships to enrich the experience for these customers and deepen the loyalty of those customers. Ford designs, manufactures, markets, and services a full line of connected, increasingly electrified, passenger and commercial vehicles: Ford trucks, commercial vehicles, vans and automobiles, and Lincoln luxury vehicles. The company has leadership positions in electrification, connected vehicle services and mobility solutions, including self-driving technologies, and provides financial services through Ford Motor Credit Company. Ford employs around 186,000 people worldwide. For more information about the company, its products and Ford Motor Credit Company, please visit corporate.ford.com.
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CONTACT: OCTO Telematics Media contact:
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KEYWORD: UNITED STATES NORTH AMERICA CANADA MICHIGAN MASSACHUSETTS
SECTOR KEYWORD: TECHNOLOGY GENERAL AUTOMOTIVE MOBILE / WIRELESS OTHER PROFESSIONAL SERVICES FLEET MANAGEMENT AUTOMOTIVE MANUFACTURING INSURANCE MANUFACTURERS AUTOMOTIVE PROFESSIONAL SERVICES OTHER TECHNOLOGY INTERNET OTHER AUTOMOTIVE DATA MANAGEMENT
SOURCE: OCTO Telematics
Copyright Business Wire 2021.
PUB: 7/22/2021 8:00 AM / DISC: 7/22/2021 8:02 AM
Copyright Business Wire 2021.