IVOX and ng Connect Program Poised to Transform Insurance Industry with New Scoring Concept
Collaboration to revolutionize driver safety and insurance premium determination for carriers and self-insured fleets through behavior-based scoring with 4G/LTE networks
ATLANTA, GA, - Sept. 15, 2010 – IVOX, an information services provider of predictive, driver-based information for Driver Risk Management, today announced it has joined the ng Connect Program, a multi-industry initiative driving the development of next-generation broadband services based on Long Term Evolution (LTE) and other high bandwidth technologies. As part of the program, the company will develop a new Original Equipment Manufacturer (OEM) Driver Risk Management solution, built on IVOX’s DriverScore® platform.
DriverScore uses vehicle speed, location, braking and acceleration patterns, rapid lane changes and time of day to provide a single, risk-adjusted score - similar to a credit score -that is more easily understood by consumers. This opt-in program can positively impact road safety for drivers and the public at large and may result in lower insurance premium. With 4G/LTE networks it will be possible to stream rich behavioral, navigation and location information to the insurance carriers accelerating the deployment of usage-based insurance programs.
“Having more accurate and timely underwriting data elements streamed over powerful and cost-effective 4G/LTE networks impacts factors such as premium leakage, self selection, behavior modification, claim fraud reduction and claim response time,” said Gregg Warren, CEO, IVOX. “Reducing the costs or increasing revenue through more accurate data utilization can result in reductions of loss and loss adjustment expense.”
The DriverScore platform will permit insurance carriers to migrate their current usage-based after market efforts seamlessly into the OEM using a flexible software platform and the capability of 4G/LTE networks. The embedded in-vehicle DriverScore solution will also allow insurers to access pertinent driver-behavior data while protecting the privacy of sensitive location-based data of its customers.
“The performance and bandwidth offered by 4G and LTE networks will give rise to a new generation of services, which will have the potential to transform industries like insurance,” said Steve West, Vice President of Emerging Technology & Media at Alcatel-Lucent, founding member of the ng Connect Program. “These next generation networks offer a perfect platform for companies like IVOX who are bringing radically new services to market that require capacity, reliability and performance to deliver large amounts of data quickly. We look forward to collaborating with them on delivering this innovative solution.”
About IVOX
IVOX is a privately-held 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 or private use. For more information, please visit www.ivoxdata.com
About The ng Connect Program
The ng Connect Program is a multi-industry organization committed to the development and rapid deployment of the next generation of broadband services based on Long Term Evolution (LTE) and other ultra high bandwidth technologies. Founded in 2009, the ng Connect Program is supported by leading network, consumer electronics, application and content providers including 4DK, Alcatel-Lucent, Atlantic Records, Atrato, BlogRadio, BUZZMEDIA, chumby, Connect2Media, CoolSign, Creative Technology Ltd., Desktone, EON Reality, FISHLABS, GameStreamer, Inc., Gemalto, HP, IMS, Intamac Systems Ltd., IVOX, K12, Inc., Kabillion, Kyocera Communications Inc., LearningMate, LiveCast, MediaTile, Nuance Communications, Mobideo, Movial, NCR Corporation, Optical Crime Prevention, Inc., QNX, R360, RebelVox LLC., Samsung, SIGNEXX, Skymeter Corporation, Total Immersion, Toyota Motor Sales USA, Inc., TuneWiki, V-Gate, Vidyo, VisionMax, and Wcities.com, Words & Numbers. For more information on the ng Connect Program, please visit: www.ngconnect.org. Follow us on Twitter at: http://twitter.com/ngConnect.
ng Connect Press Contacts
Gregg Warren, CEO, IVOX Inc.
Tel: +1 404-308-1381
gwarren@ivoxdata.com
Pamela Preston
Tel: +1 212-616-6001
ppreston@breakawaycom.com
Alicia Mickelsen
Tel: +1 212-616-6002
amick@breakawaycom.com