New York And Connecticut Approve Latest Version Of OCTO Telematics DriveAbility Advanced Score For Auto Insurance Pricing

OCTO Telematics, the leading insurance and fleet telematics services and analytics provider, announces that the latest version of OCTO DriveAbility Advanced Score was approved for use for auto insurance pricing in both New York and Connecticut. DriveAbility Advanced Score is approved for use in most U.S. states and has been widely used by top auto insurers since 2008.

Recommended AI News: Google Cloud Region Goes Live in Delhi NCR in India

Recent score enhancements build upon the success of earlier generations, adding increased predictiveness and greater flexibility to configure the score to meet precise client requirements or those defined by individual regulators. The combination of OCTO’s deep understanding of the needs and objectives of each U.S. state regulator, our actuarial sciences discipline, and designation as a Rate Service Organization uniquely positions us to help insurers bring their telematics programs to market and scale to additional states in the fastest time possible.

The OCTO DriveAbility^® Advanced Score is a device-agnostic driving risk behavior score that leverages OCTO’s robust driving dataset in conjunction with proper data-driven modeling techniques as the basis of a highly predictive risk scoring algorithm that provides a lift of 10x on observed losses. Insurance claim and policy data for all drivers scored with DriveAbility enables the modeling of actual observable loss costs in relation to specific driving behaviors as well as understanding the interaction between traditional underwriting data and telematics data. Rather than simply measuring the frequency with which a given driver might be involved in a collision, OCTO uniquely predicts the claims costs related to such driving bringing highly relevant information to the insurer’s pricing processes.

In another market ‘first’, the DriveAbility Advanced Score is not only available on our own telematics solutions but has been successfully deployed with 10 different telematics service providers using a variety of technology solutions (e.g., app only, app plus tag, OBD-II, and OEM-embedded). This provides our clients with maximum flexibility to meet current and future customer needs.

Recommended AI News: AI Robotics Startup Mech-Mind Completes Series C Funding Led by Tech Giant Meituan