DriveFactor Platform 2.0 Brings Customization, Wider Access to Data for Usage-Based Auto Insurance
The next generation of DriveFactor's platform adds segmentation abilities, third-party API access, and support for additional vendors
RICHMOND, Va.--(BUSINESS WIRE)-- DriveFactor, a trusted source for driving data and analytics, today launched its telematics Platform 2.0 for auto insurers in North America and the European Union. The updated platform offers real-time access to driving data and the ability to set different data gathering parameters for individual devices. These upgrades allow insurers to minimize wireless transmission costs while gathering as much data for research as they need. Platform 2.0 thus makes it easier for insurance companies to identify responsible drivers, communicate with their customers, and implement successful usage-based insurance programs.
"The telematics industry has proliferated in recent years, forcing insurers to deal with different vendors and data formats. DriveFactor's Platform 2.0 is the keystone, holding together the disparate devices, data, and companies involved in usage-based auto insurance," said Steve McKay, CEO at DriveFactor. "This enhanced platform enables our insurance company clients to draw on the wealth of data we can gather from real-world driving behavior and utilize that data within the business divisions and processes they already have in place. This new solution will make insurers' jobs easier as well as reinforce good driving behavior in consumers, resulting in lower insurance rates for good drivers."
DriveFactor's Platform 2.0 allows insurance companies to segment their data collection any way they want. At the same time, Platform 2.0 provides an overview of all divisions, pinpointing trends in the entire company's program. This ability to customize data sets enables companies to test changes in insurance calculations by experimenting with a small segment of drivers before rolling out the new algorithms across a broader customer base.
Platform 2.0 also offers third-party API access that makes these configured data more readily available to customers. Using the API, insurance companies can enhance the user experience by delivering real-time data through existing account management systems and user portals. Through a secure connection, insurance companies can provide access to current DriveFactor scores or data from a driver's most recent trips along with the usual information about rates and claims.
In addition to offering insurers greater control over how they gather and display data, Platform 2.0 adds support for additional vendors to increase the number of sources from which insurance companies can gather data. Whether the information comes from a mobile app, an aftermarket device, or the car itself, Platform 2.0 transforms, normalizes, and analyzes driving data, providing a standardized set of scores on the back end. Platform 2.0 acts as one-stop shop for driving data, easing the logistical burden from insurance companies and encouraging consumers to participate in usage-based auto insurance programs.
"Platform 2.0 helps companies manage technological uncertainty by offering third-party access to our API and processing driving data from virtually any source," said Mac Fraser, CIO at DriveFactor. "We are making usage-based auto insurance programs easier and more cost-effective to implement."
To learn more about Platform 2.0, visit www.drivefactor.com/solutions/platform.
DriveFactor provides a data capture device that drivers plug into their vehicle and a private consumer friendly website that shows drivers their driving habits, routes, recommendations for improvement, and a unique DriveFactor status. In addition, DriveFactor provides insurance companies with a turn-key software platform that enables usage based insurance (UBI) programs. DriveFactor has created an elegant UBI platform that is statistically more predictive and financially more attractive for insurance companies to implement, as well as a privacy-sensitive, financially equitable offering for consumers. DriveFactor is currently available in the Unites States and Europe. For additional information, please visit our website www.drivefactor.com and our blog (www.drivefactor.com/category/blog), or Like Us on Facebook and Follow Us on Twitter @Drive_Factor and YouTube (www.youtube.com/user/MyDriveFactor).
Jennifer Linton, 804-316-9064
KEYWORDS: United States North America Virginia
The article DriveFactor Platform 2.0 Brings Customization, Wider Access to Data for Usage-Based Auto Insurance originally appeared on Fool.com.
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