DriveFactor Unveils Platform 2.0, Streamlining Live Driving Data

Recently, DriveFactor unveiled its telematics Platform 2.0 for auto insurers in North America and the European Union. Apart from providing the ability to set different data gathering parameters for individual devices, the updated platform provides real-time access to driving data.

DriveFactor’s platform provides dependable, scalable architecture for storing and processing raw data.

Management tools enable highly configurable reports and alerts. Allowing usage within the analytics and scoring processes, each level of the segmentation hierarchy has the ability to store custom variables, parameters or algorithms.

While gathering as much data for research as they require, insurers can use these upgrades to minimize wireless transmission costs. Apart from allowing the users to implement successful usage-based insurance programs, Platform 2.0 also makes it easier for insurance companies to identify responsible drivers and communicate with their customers.

It also lets insurance companies segment their data collection any way they want.

“The telematics industry has proliferated in recent years, forcing insurers to deal with different vendors and data formats. DriveFactor’s Platform 2.0 is the keystone, holding together the disparate devices, data, and companies involved in usage-based auto insurance,” said Steve McKay, CEO at DriveFactor. “This enhanced platform enables our insurance company clients to draw on the wealth of data we can gather from real-world driving behavior and utilize that data within the business divisions and processes they already have in place.”

Recently, the company announced that Joseph R. Herbert has joined the company as chief financial officer, effective June 4, 2012. Herbert will report to DriveFactor's founder and chief executive officer, Steven J. McKay. Herbert has more than 25 years of financial management experience, having most recently served as managing director and chief financial officer for Greenwich Associates, a privately-held professional services firm serving the global financial services industry. 

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