Atlanta-based IVOX and ISO Align to Develop Products for Driver Safety

Atlanat-based IVOX, a driver risk management firm, announced an alliance with Insurance Services Offices Inc., a leading source of information about risk, data, analytics and decision-support services.

The alliance will help IVOX further its mission of assessing and managing risk in private and commercial fleets. ISO 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.

IVOX DriverScore — a credit scoring application for the automotive industry — assesses, compares and analyzes risk of individual driver behavior. By analyzing time-stamped GPS/GIS and accelerometer data, IVOX produces a DriverScore that can be used to calculate risk, 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 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.

Source: IVOX Inc.
www.driverscore.com.