This alliance is expected to help Ivox further its mission of assessing and managing risk in private and commercial fleets. Insurance Services Offices (ISO) has invested in Ivox as a shareholder, the company plans to utilize the proceeds to accelerate its business growth and patent-pending DriverScore product expansion plans.
According to Ivox, DriverScore – the credit score for the automotive industry – has the potential to become the standard by which individual driver behavior is objectively assessed, compared, and analyzed for risk. By analyzing time-stamped GPS/GIS and accelerometer data, Ivox produces a DriverScore that can be used to calculate risk accurately, enabling companies to reward good driving behavior, increase fleet safety, manage fuel costs and improve overall profitability, said Ivox.
Through this strategic alliance, ISO provides not only this funding but also expects to work with Ivox on research and product development efforts to offer new and exciting products to the insurance and transportation industries. ISO’s Applied Informatix unit will work with Ivox and insurance companies to collect and analyze data from telematics devices installed in both private passenger and commercial vehicles – initiating the largest project of its kind to date to assess the predictability of telematics data for rating, underwriting, and claims purposes.
Ivox has said that the telematics devices will wirelessly transmit data reflecting certain driving behaviors. The data will be collected and analyzed to help customers better understand and manage risk. Insurers participating in the study will get the immediate benefit of using Ivox’s patent-pending DriverScore to help them understand the risk associated with their individual policyholders. In addition, they will be able to offer their policyholders driver safety, fuel saving, and engine diagnostic tools.
Gregg Warren, chairman and CEO of Ivox, said: We are thrilled to announce this latest endorsement of our market and technological leadership and look forward to this alliance with ISO. Ivox remains committed to providing the most sophisticated driver risk information to help organizations in driver safety for private and commercial fleets.
Steven Craig, general manager of auto-property loss underwriting service at ISO, said: We are looking forward to working with Ivox because many of our insurance customers have expressed an interest in understanding and using telematics data. Our respective teams will work together to create new advanced data services for the insurance, transportation and fleet industries to improve rating, underwriting, reduce claims and to promote safe driving.
