ATLANTA - (Business Wire) IVOX
®, the expert in predictive driver risk management, today announced a strategic alliance with Insurance Services Offices, Inc. (ISO), a leading source of information about risk, data, analytics and decision-support services. This alliance will help IVOX further its mission of assessing and managing risk in private and commercial fleets. 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.
“We are thrilled to announce this latest endorsement of our market and technological leadership and look forward to this alliance with ISO,” said Gregg Warren, chairman and CEO of IVOX, Inc. “IVOX remains committed to providing the most sophisticated driver risk information to help organizations in driver safety for private and commercial fleets.”
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.
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. 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.
“We are looking forward to working with IVOX because many of our insurance customers have expressed an interest in understanding and using telematics data,” said Steven C. Craig, general manager of ISO’s A-PLUS™ (Auto-Property Loss Underwriting Service). “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.”
IVOX was represented in this transaction by Burr & Forman LLP.
About ISO
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 coverage, 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.iso.com.
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. For more information, visit www.driverscore.com.
Applied Informatix is a trademark of Insurance Services Office, Inc.
A-PLUS is a trademark of ISO Services, Inc.
IVOX and DriverScore are registered trademarks of IVOX, Inc.
Porter Novelli for IVOX, Inc.
Jamila Johnson
(312) 856-8820
jamila.johnson@porternovelli.com
