Ford & Octo, travel insurtech launch: Roundup
July 23, 2021 7:56 AM
OCTO Telematics and Ford entered an agreement for OCTO to use Ford’s connected vehicle data to extend its OCTO DriveAbility Score. DriveAbility Score will provide insurers and policyholders with a predictive score by using the vehicle data, road type, weather and policy and claim data. “We’re excited to be working with OCTO to help provide enhanced scoring capabilities for insurance carriers through Ford’s connected vehicle data” said Kari Novatney, General Manager, Connectivity Strategy & Partnerships, Ford Motor Company, said in a statement. “OCTO offers insurers the ability to better manage risk based on actual driving behaviors and as a result, Ford customers can benefit from a personalized insurance rate, across a wider choice of insurance carriers.”
Earnix acquired the assets of Driveway Software Corporation, a AI-powered telematics provider. Earnix gained Driveway’s team and telematics app. Earnix now has a UBI/BBI offering with a full set of embedded capabilities, including data accuracy, driving risk models and driver engagement. “As consumer expectations continue to evolve rapidly, insurers are under increasing pressure to provide offerings tailored to the needs of the market. As a result, the demand for UBI and BBI is helping to drive the revolution for personalized and real-time offers in insurance, providing carriers with the opportunity to differentiate themselves and create lasting customer value through relevant and timely engagement,” Udi Ziv, CEO at Earnix, said in a statement.
The Hanover launched TAP Sales, a digital quote-and-issue platform for small businesses. The Hanover states that the new platform will help agents reduce the time to generate a quote for small commercial customers by 50%. "As an agent-centric carrier in the market, The Hanover approaches small commercial insurance differently. We strive to leverage data, analytics and emerging technology to create insurance solutions that meet agent and customer needs," said Michael R. Keane, president of core commercial at The Hanover, said in a statement. "The launch of TAP Sales demonstrates our commitment to advancing that goal, knowing how important ease of doing business is to this important market segment. The investments we have made give our agent partners a competitive edge in rapidly changing markets and strengthen their overall value proposition."
Battleface, inc., an insurtech known for travel insurance products, launched Discovery Travel Insurance. Discovery Travel Insurance allows travelers to choose the benefits they need for their travels. "At battleface, we pride ourselves on designing products that grow with the travel industry while remaining relevant to our clients," says Lisa Conway, Chief Underwriting Officer at battleface, said in a statement. "A lot has changed over the last 10 years when it comes to travel, but not much with travel insurance options. Companies continue to offer the same 'one-size-fits-all' packages designed years ago and don't work for today's travelers. Our Discovery product changes all of that," she adds.