Improve profitability with the market-leading telematics score
Telematics data provides a step-change improvement in risk assessment over traditional factors that are largely proxies for how, how much, when, and where vehicles are operated. The DriveAbility Score ensures insurance carriers can get to market quickly with a telematics-driven score that is highly-predictive of risk and provides a significant improvement to their underwriting results. The DriveAbility Score is unique in leveraging insights from over 5.6 million connected vehicles, 207 billion miles of driving data, and close to half a million crashes.
What is the DriveAbility Score?
The DriveAbility Score uses granular telematics data with claims, policy, and external contextual data to deliver a score which is highly predictive of risk. Beyond pricing, the DriveAbility Score provides insights into driving behavior, giving policyholders feedback and targets to improve safety.
|Highly predictive of loss costs|
|Differentiates risks and provides segmentation opportunities significantly better than traditional factors|
|Used by over 25 insurers on five continents and approved for use in most U.S. states|
|Enables policyholders to understand how they are driving and provides feedback for improvement|
What we offer
|Immediate access to a market-leading risk score approved in most US states|
|Deep integration with Octo’s market-leading telematics technologies and and other technology providers|
|Score components enabling easy customization|
|Existing hosted secure platform|
|Guidance on integrating the score with traditional factors|
DriveAbility Score US Regulatory Approvals
|Personal and Commercial Lines Approved||Personal Lines Approved||On Roadmap|
What does it take to make the world’s most predictive risk score? Find out.
The opportunity for insurers
The DriveAbility score provides many times more segmentation power than traditional rating factors. Insurers using our score can find significant areas to reduce premiums for lower risk drivers or increase prices for higher risk drivers. Hold-out testing confirmed that DriveAbility can accurately identify lower risk drivers who deserve larger discounts and higher risk drivers who are currently unprofitable. The difference between the highest and lowest risk driving can be as much as 1:10. This information enables insurers to change pricing and underwriting to materially improve profitability and retention.
DriveAbility predicted loss costs vs actual losses
Integration with market-leading telematics solutions
Complete telematics solutions
Octo’s market-leading platform-based insurance telematics solutions provide the full set of features and capabilities needed to get to market with a new usage-based insurance product. Our solutions ensure you can price risk better, manage adverse events more efficiently, and engage your policyholder more effectively – resulting in double-digit improvements to your combined ratio.
The DriveAbility Marketplace is a telematics platform enabling insurers to make personalized insurance offers to pre-scored drivers from third party data suppliers. We analyze and score uniform and non-uniform data using the market-leading DriveAbility Score to provide qualified leads for your individualized insurance offers. Octo’s DriveAbility Marketplace removes barriers to new policyholder acquisition, expands insurers’ ability to identify and underwrite drivers, and creates a path for insurers to improve their book of business.
DriveAbility consulting services
When bringing a usage-based insurance product to market, you need to get to market quickly with a solution that improves your combined ratio. The DriveAbility Consulting team can help you develop a new usage-based insurance program or optimize your existing program by leveraging expertise developed over more than 50 telematics implementations on six continents.