Worth knowing this if you are developing data driven car insurance products for the future;
OCTO Telematics today announced a new agreement with Ford Motor Company. By leveraging Ford’s connected vehicle data, OCTO will extend its market-leading predictive insurance risk score, OCTO DriveAbility® Score. The integration provides a seamless experience for auto insurers and their policyholders with highly accurate pricing based upon driving data sourced directly from Ford vehicles fitted with embedded connectivity.
“We’re excited to be working with OCTO to help provide enhanced scoring capabilities for insurance carriers through Ford’s connected vehicle data” said Kari Novatney, General Manager, Connectivity Strategy & Partnerships, Ford Motor Company. “OCTO offers insurers the ability to better manage risk based on actual driving behaviors and as a result, Ford customers can benefit from a personalized insurance rate, across a wider choice of insurance carriers.”
DriveAbility Score combines Ford connected vehicle data, available on the majority of MY2020 and newer Ford and Lincoln vehicles, in context of factors such as weather and road type, with policy and claim data across a large pool of insurers to provide a score that is not only highly predictive of loss costs but is accurate from the very first trip. DriveAbility has scored more than one million vehicles across five continents and is configurable to meet specific auto insurer requirements.
“We are pleased to join forces with Ford to leverage their connected vehicle technology to enhance insurance risk scoring for insurers and their customers,” said Nicola Veratelli, CEO, OCTO Telematics, “and we look forward to exploring opportunities for incremental mobility services that benefit OCTO clients and Ford vehicle owners alike.”
OCTO DriveAbility Score takes an owner-centric approach to connected services. Ford owners with compatible vehicles can opt-in through participating insurers to learn more about their driving behaviors and the opportunity to be rewarded for safe driving.