BOSTON–(BUSINESS WIRE)–#analytics–OCTO Telematics, the leading insurance and fleet telematics services and analytics provider, today announces that the latest version of OCTO DriveAbility® Advanced Score was approved for use for auto insurance pricing in both New York and Connecticut. DriveAbility Advanced Score is approved for use in most U.S. states and has been widely used by top auto insurers since 2008.
Recent score enhancements build upon the success of earlier generations, adding increased predictiveness and greater flexibility to configure the score to meet precise client requirements or those defined by individual regulators. The combination of OCTO’s deep understanding of the needs and objectives of each U.S. state regulator, our actuarial sciences discipline, and designation as a Rate Service Organization uniquely positions us to help insurers bring their telematics programs to market and scale to additional states in the fastest time possible.
The OCTO DriveAbility® Advanced Score is a device-agnostic driving risk behavior score that leverages OCTO’s robust driving dataset in conjunction with proper data-driven modeling techniques as the basis of a highly predictive risk scoring algorithm that provides a lift of 10x on observed losses. Insurance claim and policy data for all drivers scored with DriveAbility enables the modeling of actual observable loss costs in relation to specific driving behaviors as well as understanding the interaction between traditional underwriting data and telematics data. Rather than simply measuring the frequency with which a given driver might be involved in a collision, OCTO uniquely predicts the claims costs related to such driving bringing highly relevant information to the insurer’s pricing processes.
In another market ‘first’, the DriveAbility Advanced Score is not only available on our own telematics solutions but has been successfully deployed with 10 different telematics service providers using a variety of technology solutions (e.g., app only, app plus tag, OBD-II, and OEM-embedded). This provides our clients with maximum flexibility to meet current and future customer needs.
About OCTO Telematics
Founded in 2002, OCTO is a leading provider of telematic services and advanced data analytics for the Insurance sector, and increasingly one of the leading companies offering solutions for Fleet Telematics and Smart Mobility. With OCTO’s unique propositions already established in the field of Insurtech and Smart Mobility, OCTO continues to expand in new sectors and international markets. In the context of an increasingly connected world, OCTO’s advanced analytics and its set of IoT Big Data generate actionable analytics, giving life to a new era of Smart 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 driving data collected and 485,000 claims and insurance events analyzed. It also manages over 400,000 vehicle rentals per month.
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