Octo Telematics announced that EverQuote and State Automobile Mutual Insurance Company have joined Octo’s DriveAbility® Marketplace.
Octo Telematics is one of the leading global providers of telematics and data analytics solutions for the auto insurance industry. EverQuote is an online insurance marketplace in the U.S. connecting consumers with insurance providers, and State Automobile Mutual Insurance Company (State Auto) is an independent agent-based property and casualty insurer operating in 33 states.
The DriveAbility Marketplace delivers an insurance solution to increase customer engagement for Octo’s partners, such as EverQuote, in collaboration with national, regional or state-specific insurance providers such as State Auto.
DriveAbility Marketplace derives the value for all core participants in the insurance ecosystem:
- Helping consumers to find the most appropriate and best-priced insurance offers
- Affording connected service providers (e.g. auto OEM, telco, etc.) with new service capabilities that drive tangible value to their customers, ultimately leading to improved service experience, retention and brand loyalty
- Delivering value-added capabilities for the insurer to pre-screen, pre-select and improve overall risks on their book. This will have dramatic impacts on how they can become more profitable but also guide customers to become improved and safer drivers.
EverQuote is the first DriveAbility Marketplace partner to launch in the US. Its EverDrive app is a social safe-driving app and is integrated with Octo’s DriveAbility Marketplace to deliver consumer-focused and carrier agnostic connected insurance experience.
State Auto is the first insurer to join the DriveAbility Marketplace and offer personalized safe driving auto insurance discounts through the EverDrive app.
Together, EverQuote, State Auto and Octo have launched the first digital insurance marketplace based on telematics data from a smartphone application, leveraging Octo’s DriveAbility Marketplace solution and DriveAbility scoring services paired with EverQuote’s market-leading online insurance marketplace and EverDrive social safe driving app.
Consumers that use the EverDrive app and anonymously opt-in to qualify for discounts will be presented with unique insurance offers based on Octo’s DriveAbility scoring and State Auto’s customer qualification rules. The DriveAbility Marketplace will generate State Auto insurance offers for EverDrive users and also provide in-policy DriveAbility scoring services for State Auto.
Octo’s DriveAbility Marketplace is a unique way for the connected service industry to truly provide new high-value services to drivers and insurers. The DriveAbility Marketplace provides both DriveAbility scores and insurer integration – thus addressing key challenges for connected service providers and insurers, enabling each to focus on their core competencies of providing value to participating customers.
While connected services providers are in charge of customer engagement, implementation of telematics services and management of consent, the DriveAbility Marketplace platform manages the interface between providers and insurers, data processes (data cleansing, normalization, etc.) and hosting, the data analysis (scoring), customer qualification, regulatory issues, and brokerage. Ultimately, participating insurers manage the rating and quoting binding and underwriting, and service policy.