Willis Towers Watson usage-based insurance (UBI), which includes DriveAbility, has now been acquired by Octo Telematics (Octo)
. As part of this, Octo and Willis Towers Watson plan to form a strategic alliance, advancing UBI data analytics and technologies to deliver leading-edge UBI solutions and capabilities to the insurance industry. View the press release
Willis Towers Watson and Octo share a similar vision. We look forward to continuing to drive and improve the application of telematics and telematics data into an increasingly connected society.
DriveAbility Marketplace. Unlock the potential of telematics data from connected cars. DriveAbility Marketplace is an insurance telematics data exchange for insurers and IoT data providers. We aggregate and analyze telematics data for convenient, personalized insurance offers. Whether you’re just getting started with telematics or ready to join our marketplace, we can help you move forward with confidence.
We are living in a progressively connected world where smarter products and changing consumer expectations are disrupting nearly every industry. Businesses are racing to gain competitive advantage by using the Internet of Things (IoT) to differentiate their products with innovative customer experiences, new touchpoints and more engagement.
DriveAbility Marketplace aggregates and analyzes telematics data for convenient, personalized insurance offers
Click to enlarge
UNLOCKING THE POTENTIAL OF TELEMATICS DATA FOR INSURANCE APPLICATIONS
Looking ahead five to 10 years, nearly every vehicle on the road will be connected to the Internet. There are significant market opportunities for auto manufacturers, telecommunication providers, consumer electronics manufacturers and location-based app providers to leverage telematics data they already have or will have for insurance applications. Location data, trip distances, driving speed, braking habits, fuel consumption, vehicle wear and tear, road types, weather conditions and even music selections could help insurers assess risk with far greater precision.
There are compelling opportunities to transform how consumers buy auto insurance by connecting data from multiple sources to insurers. With access to pre-analyzed driving data, it will be highly feasible to offer convenient, individualized insurance products to the mass market — with telematics and IoT data providers as new distribution channels. Along with generating new leads for insurers, data providers can also expand their customer relationships with helpful touchpoints and value-added services. Insurers further benefit from richer details about what types of conditions lead to accidents and a clearer view of how accidents occur for more accurate claim management. Consumers increasingly want to manage their lives with personal devices and get easy access to useful information and customized services.
DRIVEABILITY MARKETPLACE AGGREGATES AND ANALYZES TELEMATICS AND IOT DATA
If you’re an auto manufacturer, telecommunication provider, consumer electronics manufacturer or location-based app provider, you may already be exploring potential insurance applications. We can help you create additional value from your existing telematics data from every angle.
DriveAbility® Marketplace is an insurance telematics data exchange. We aggregate and analyze nonuniform, granular data to provide an industry-leading driving score. We also facilitate relationships between data providers and insurers so you can present convenient, personalized insurance offers to your customers using pre-analyzed driving data.
WHY SHOULD DATA PROVIDERS JOIN DRIVEABILITY MARKETPLACE?
Where there is great potential there can also be significant challenges that could delay your speed to market. Working with an experienced partner makes all the difference. We can help you clear potential roadblocks with an unmatched combination of trusted analytics and insurance relationships with companies already participating in our DriveAbility program. We believe these two core capabilities set DriveAbility Marketplace apart from other telematics exchanges. You also won’t need to worry about data management, brokerage licenses or regulatory approvals. We can help you get to market efficiently and with ease.
How DriveAbility Marketplace helps data providers clear potential roadblocks
|Forming relationships with multiple insurers takes time
||It takes time to form relationships with
multiple insurers to offer customers
attractive options. We have extensive
relationships with insurers already
pooling data with us, including several top
10 U.S. insurers.
||You’ll need the right technology to
collect, store, integrate and process
data requests in real time. Our secure,
scalable and flexible technology platform
is relatively easy for new data suppliers
to join. We currently host telematics
data from approximately 10 technology
providers and multiple sensor makers.
||Reliable scoring that accurately
measures risky driving behaviors requires
both analytical and insurance expertise.
Our industry-leading DriveAbility score is
trusted by insurers on five continents.
||We’re a licensed broker and certified rate
service organization. Our score is already
filed and approved in most U.S. states.
DRIVEABILITY HELPS INSURERS LAUNCH OR OPTIMIZE USAGE-BASED INSURANCE
In 2010, Willis Towers Watson introduced DriveAbility to help auto insurers get to market quickly and efficiently with usage-based insurance. We’ve since aggregated and analyzed billions of miles of robust telematics data from an expanding pool of insurers.
In our increasingly connected world, insurers able to integrate granular telematics data into their rating plans already have a clear competitive advantage to attract and retain the most profitable customers. As the market transitions over the next decade, those who don’t have access to telematics data will become increasingly vulnerable. But it’s not too late to choose a more data-driven path.
If you’d like to develop or optimize a telematics-based insurance product, we can put you on a straight road forward. With DriveAbility, you’ll gain immediate access to our driving scoring for your customers. Based on actual claim data, we believe DriveAbility is the market’s most predictive insurance telematics score. With technology changing so rapidly, DriveAbility clients are also well positioned for the future. With our scalable approach, you can easily adapt to new technology or expanding customer needs. This sets DriveAbility apart from other insurance telematics solutions. We understand one technology solution is not right for every company and continually expand our list of preferred providers so you can choose the best technology for your strategy. Whether you’re just getting started with telematics or ready to join our marketplace, we can help you move forward with confidence.