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.