SAN MATEO, Calif., Feb. 10, 2015 /PRNewswire/ — In a quest to help auto insurers revolutionize the way car insurance is priced, Driveway Software and Pinnacle Actuarial Resources have teamed up to offer the industry a coordinated usage based insurance solution that includes driver behavior scoring. Auto insurers can now leverage Driveway's affordable, scalable technology backed by Pinnacle's rating, actuarial and regulatory guidance. The services are offered a la carte so insurers can choose technology, consulting, scoring individually or the coordinated package.
"Insurers know they need to break into usage based insurance (UBI) but some are unsure about the best way to approach filings, rating and product management. Now, with our technology and Pinnacle's guidance, insurers can control their exposures and launch a UBI program that will deliver a more accurate price to the consumer with a better loss result for the carrier," says Igor Katsman, CTO of Driveway Software. "Best of all, they can hit the ground running because Pinnacle already knows how to work with our technology and data."
Driveway Software's smartphone app + cloud-based platform eliminates the burdensome costs and inefficiencies of onboard diagnostic device (OBD)-based programs, which have plagued early adopters in the UBI arena. The Driveway solution continuously tracks driver behavior (such as time of day, garaging location, braking, cornering, speeding and mileage) using a smartphone app. Data is transmitted from the app to a secure cloud where a proprietary analytical platform processes the data of each individual risk component to derive a scored result for each risk element, as well as an overall safety score for each trip captured.
The Driveway app is the first in the industry to feature automatic trip detection without any user or hardware dependency, or adverse impact on smartphone battery life and performance. More than 200,000 drivers have already downloaded and used the app, giving Driveway and Pinnacle the opportunity to collect and analyze more than 500 million miles of driving data.
Pinnacle is known as a pioneer and thought leader in the UBI arena. Principal and Consulting Actuary, Roosevelt C. Mosely Jr. is one of the industry's foremost authorities and the author of articles and white papers exploring the subject. "Applying Pinnacle's analytics capabilities to half a billion miles of driving data provides insurers with a credible basis to incorporate driver behavior scores into their rating plans. The scoring is easily customizable, allowing companies to focus only on the behavior elements of interest to them," Mosely says.
About Driveway Software
Driveway Software, Inc. helps insurers finally realize the promise and potential of UBI programs with an end-to-end platform that requires no hardware and can be customized, white-labeled and rolled out within 90 days. For more information, visit http://DrivewaySoftware.com or call 321-356-1587.
About Pinnacle Actuarial Resources
Pinnacle Actuarial Resources, Inc. is an independent, full-service actuarial firm focused on the property and casualty insurance industry. As recognized leaders in predictive analytics, Pinnacle assists companies with building driver scores based on usage based insurance (UBI) data, incorporating driver scores into rating plans, and analyzing customer perceptions of UBI. Pinnacle also works with insurance companies to provide critical pricing, underwriting, claims and marketing needs related to UBI. To learn more, visit http://pinnacleactuaries.com or call 309-807-2300.
Contact: John Baker
Driveway Software
Phone 321-356-1587
Email