RICHMOND, Va.--(BUSINESS WIRE)--DriveFactorTM, previously known as Crimson Informatics, is offering new auto insurance programs that enable insurers to effectively rate driver performance based on safety and driving habits through mobile technology and informatics. As auto insurers expand new usage-based insurance (UBI) and telematics programs, policyholders could save up to 50 percent of their car insurance, according to DriveFactor.
DriveFactor designs its programs to provide insurers the ability to rapidly and cost-effectively implement usage-based discounts for its policyholders, while also providing analytical support for more accurate rating and risk assessment. DriveFactor also offers consumers the ability to establish a unique DriveFactor Score, which reflects a driver’s safety and driving habits. Consumers with the highest DriveFactor Scores can attract large discounts on their auto insurance premiums.
“With DriveFactor, we’re giving the auto insurance market more flexibility to expand usage-based insurance, reduce adverse selection, and reward safer drivers,” says Steve McKay, CEO of DriveFactor. “This is a mutually beneficial solution for insurers and policyholders, who are seeking cost-effectiveness and cost savings, respectively. Usage-based insurance is simply too powerful relative to other factors to be ignored. DriveFactor can help insurers gain a competitive advantage quickly, and make it easy for safer drivers to save money.”
In the United States, insurers such as Progressive, Allstate, and StateFarm are expanding their usage-based programs to accommodate the positive consumer response, and other insurers in the U.S. and abroad are rapidly adopting the technology. These programs gather information from an onboard diagnostic device and generate savings for policyholders who demonstrate safer behaviors, a departure from traditional insurance pricing, which generally relies on credit scores. DriveFactor is currently available in the U.S. and Europe.
DriveFactor at NAMIC
DriveFactor’s CEO Steve McKay will be speaking today from 11:10 a.m.–12:10 p.m. at the National Association of Mutual Insurance Companies (NAMIC) Personal Lines Seminar being held at Disney’s Yacht and Beach Club Resort in Lake Buena Vista, Fla.
Steve’s presentation, entitled “Implementing a Telematics Program” will address the operational challenges of implementing a great telematics program. From his experience working with an industry leader in this area, Steve will teach you about the nuts and bolts of getting your telematics program working right out of the gate. He’ll also describe the objectives and cross-functional cooperation needed to make your program a success.
About DriveFactor
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 Score. In addition, DriveFactor provides insurance companies with a turn-key software platform that can underwrite driving insurance based on the DriveFactor Score. DriveFactor has created an elegant UBI platform that is statistically more predictive and financially more attractive for insurance companies to implement, and a privacy-sensitive, financially equitable offering for consumers. For more 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).