JERSEY CITY, N.J., and ATLANTA, October 6, 2008 — ISO has announced a strategic alliance with IVOX®, Inc., the expert in predictive driver risk management, to gather and analyze data collected by telematics devices installed in passenger vehicles and commercial fleets. The alliance will be the foundation for next-generation tools and joint product development for measuring, managing, and reducing risk. As part of the alliance, ISO has invested in IVOX as a shareholder.
ISO’s Applied InformatixTM unit will work with IVOX and insurance companies to collect and analyze data from telematics devices installed in vehicles — initiating the largest study of its kind to date to assess the predictability of telematics data for rating, underwriting, and claims purposes. 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.
“Many insurers have expressed an interest in understanding and using this type of data, and ISO is looking forward to working with IVOX to establish the value of telematics data, supporting analytics, and related services,” said Steven C. Craig, general manager of ISO’s Auto-Property Loss Underwriting Service (A-PLUSTM).
“This relationship will help us accelerate the development and delivery of advanced telematics solutions and pioneer new proficient rating, underwriting, and claims-management tools the industry has come to expect,” added Craig.
“From our perspective, the relationship with ISO gives us the opportunity to accelerate national rollout of DriverScore and our patent-pending risk-analytics engine,” said Gregg Warren, chairman and CEO of IVOX, Inc. “Furthermore, we look forward to the opportunity to develop with ISO additional new and innovative products to help reduce risk and claims for our customers.”
For more information about the ISO-IVOX telematics initiative, contact IVOX at (877) ISO-IVOX.
About IVOX, Inc.
IVOX, Inc., is a privately held, Atlanta, Ga.–based company that provides concise and highly predictive data tools to markedly improve risk management for property and casualty insurance companies, self-insured corporations owning and operating vehicle fleets, and others using vehicles for private use. IVOX is a device-agnostic, technology-enabled data analytics company. IVOX’s signature offering, DriverScore®, is designed to be the “credit score” for the transportation industry: the standard by which individual driver behavior can be objectively assessed, compared, and analyzed for risk. By analyzing gathered, time-stamped GPS/GIS and accelerometer data, IVOX produces a DriverScore that can be used to calculate risk accurately, enabling commercial fleet companies to reward good driving behavior, increase fleet safety, and improve overall profitability. DriverScore also offers insurance companies the ability to “rate-to-risk,” providing an opportunity to grow market share while simultaneously improving profitability.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/iso.
IVOX and DriverScore are registered trademarks of IVOX, Inc.
Applied Informatix is a trademark of Insurance Services Office, Inc.
A-PLUS is a trademark of ISO Services, Inc.