OCTO Telematics and Ford Team Up to Provide More Accurate Auto Insurance Risk Scores

By leveraging Fords connected vehicle data, OCTO will extend its market-leading predictive insurance risk score, OCTO DriveAbility Score.

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Thursday, July 22, 2021
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Technology, General Automotive, Mobile, Wireless, Other Professional Services, Fleet management, Automotive Manufacturing, Insurance, Manufacturing, Automotive, Professional services, Other Technology, Internet, Other Automotive, Data management, Vehicle telematics, Technology, Types of insurance, Octo, Connected car, Vehicle insurance, Insurance, Science and technology, Telematics, Octo Telematics, OCTO Telematics, Ford Motor Company, OCTO TELEMATICS, FORD MOTOR COMPANY
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OCTO TELEMATICS, FORD MOTOR COMPANY
Summary
Key Points: 
  • By leveraging Fords connected vehicle data, OCTO will extend its market-leading predictive insurance risk score, OCTO DriveAbility Score.
  • The integration provides a seamless experience for auto insurers and their policyholders with highly accurate pricing based upon driving data sourced directly from Ford vehicles fitted with embedded connectivity.
  • Were excited to be working with OCTO to help provide enhanced scoring capabilities for insurance carriers through Fords connected vehicle data said Kari Novatney, General Manager, Connectivity Strategy & Partnerships, Ford Motor Company.
  • OCTO offers insurers the ability to better manage risk based on actual driving behaviors and as a result, Ford customers can benefit from a personalized insurance rate, across a wider choice of insurance carriers.


OCTO Telematics today announced a new agreement with Ford Motor Company. By leveraging Ford’s connected vehicle data, OCTO will extend its market-leading predictive insurance risk score, OCTO DriveAbility® Score. The integration provides a seamless experience for auto insurers and their policyholders with highly accurate pricing based upon driving data sourced directly from Ford vehicles fitted with embedded connectivity.

“We’re excited to be working with OCTO to help provide enhanced scoring capabilities for insurance carriers through Ford’s connected vehicle data” said Kari Novatney, General Manager, Connectivity Strategy & Partnerships, Ford Motor Company. “OCTO offers insurers the ability to better manage risk based on actual driving behaviors and as a result, Ford customers can benefit from a personalized insurance rate, across a wider choice of insurance carriers.”

DriveAbility Score combines Ford connected vehicle data, available on the majority of MY2020 and newer Ford and Lincoln vehicles, in context of factors such as weather and road type, with policy and claim data across a large pool of insurers to provide a score that is not only highly predictive of loss costs but is accurate from the very first trip. DriveAbility has scored more than one million vehicles across five continents and is configurable to meet specific auto insurer requirements.

“We are pleased to join forces with Ford to leverage their connected vehicle technology to enhance insurance risk scoring for insurers and their customers,” said Nicola Veratelli, CEO, OCTO Telematics, “and we look forward to exploring opportunities for incremental mobility services that benefit OCTO clients and Ford vehicle owners alike.”

OCTO DriveAbility Score takes an owner-centric approach to connected services. Ford owners with compatible vehicles can opt-in through participating insurers to learn more about their driving behaviors and the opportunity to be rewarded for safe driving.

About OCTO Telematics

Founded in 2002, OCTO is a leading provider of telematic services and advanced data analytics for the Insurance sector, and increasingly one of the leading companies offering solutions for Fleet Telematics and Smart Mobility. With OCTO’s unique propositions already established in the field of Insurtech and Smart Mobility, OCTO continues to expand in new sectors and international markets. In the context of an increasingly connected world, OCTO’s advanced analytics and it's set of IoT Big Data, generates actionable analytics giving life to a new era of Smart Telematics. Today it has over 5.5 million connected users and the largest database of vehicle telematics data in the world, with over 290 billion miles of driving data collected and 485,000 claims and insurance events analyzed. It also manages over 400,000 vehicle rentals per month. For more information, visit octotelematics.com.

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford designs, manufactures, markets and services a full line of connected, increasingly electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle services and mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 186,000 people worldwide. More information about the company, its products and Ford Motor Credit Company is available at corporate.ford.com.

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