IVOX has announced a strategic alliance with Insurance Services Offices Inc (ISO), a leading source of information about risk, data, analytics, and decision-support services. This alliance will help IVOX further its mission of assessing and managing risk in private and commercial fleets. ISO has invested in IVOX as a shareholder, the company plans to use the proceeds to accelerate its business growth and patent-pending DriverScore product expansion plans.
IVOX DriverScore — a “credit score” for the automotive industry — has the potential to become the standard by which individual driver behavior is objectively assessed, compared, and analyzed for risk. By analyzing time-stamped GPS/GIS and accelerometer data, IVOX produces a DriverScore that can be used to calculate risk accurately, enabling companies to reward good driving behavior, increase fleet safety, manage fuel costs, and improve profitability.
Through this 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. The telematics devices will wirelessly transmit data reflecting certain driving behaviors. Data will be collected and analyzed to help customers better understand and manage risk.