OCTO has launched the Digital Driver Try Before You Buy solution, available through an App dedicated to drivers and designed to encourage a more objective risk assessment based on driving style.
The exclusive monitoring features of Try Before You Buy allows the insurance company to accurately define customer pricing through a more transparent relationship based on actual driving behaviour data, that goes far beyond the traditional use of demographic factors.
With Digital Driver Try Before You Buy, insurance companies can pre-select potential customers with a high willingness to use telematics, streamline the onboarding process, better manage policy holders, as well as increase portfolio profitability through risk forecasting capabilities.
“In an increasingly digital and data driven world, the ability to better manage meaningful data plays a fundamental role in combining the needs of policyholders with those of the insurance companies,” said Michael Ferreira OCTO Chief Commercial Officer. “Try Before You Buy is a telematics solution that effectively meet the needs of both underwriter and insurance customers. By simply activating the Digital Driver App, policyholders will receive a personalized quotation, which is objective and represents an accurate assessment of the individuals’ driver risk profile.”
The Try Before You Buy App features a dedicated scoring algorithm, based on the mileage driven in a specific period of time and is designed to accurately predict the actual costs of claims in just 2 to 4 weeks. DriveAbility Try Before You Buy is based on OCTO’s DriveAbility Advanced Score, the risk predictive score.
