ROME, Sept. 21, 2023 (GLOBE NEWSWIRE) — OCTO announces the launch of the Digital Driver™ Try Before You Buy solution. The App, dedicated to drivers and designed to encourage a more objective risk assessment based on driving style, offers it. The exclusive monitoring features of Try Before You Buy allow the insurance company to accurately define customer pricing. Achieving this relies on establishing a more transparent relationship rooted in actual driving behavior data. It 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. This helps streamline the onboarding process and better manage policyholders. Additionally, it can 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. This role involves 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. This quotation 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. It 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 market-leading risk predictive score.