InsurTech CDL has integrated with DriveScore, the free app which helps good drivers save money on their car insurance through telematics technology that tracks and scores users’ driving style.
The integration enables insurance providers using CDL’s Strata ecosystem to access prospective policyholders’ DriveScore telematics data for underwriting and improve risk pricing accuracy at the point-of-quote.
Launched in 2021, and part of the ClearScore Group, DriveScore has over 400,000 users and has a natural synergy with the 14m users of ClearScore – a free service giving consumers access to their credit score and other finance data held about them.
DriveScore was created to help good drivers better understand their driving behaviour and save them money in the process. The app allows users to privately record their driving behaviour and use that data to prove they are good drivers and secure lower premiums. This makes it the first proposition to deploy telematics data for rating purposes at point-of-quote rather than post-sale, with most telematics models using the data at point of renewal or adjusting the premium with rebates during a policy.
“At a time when insurers face rising costs and further pressures on profitability, we know that accessing new data to improve risk pricing accuracy at point-of-quote can be transformative,” said Andrew Hooks, ClearScore VP for car finance and insurance.
“DriveScore makes this possible for insurance partners, while also empowering users with more choice and cheaper premiums. It is a compelling proposition all round and we are delighted to be working with CDL to extend our reach with high volume retailers.”
Policy Expert was the first brand to go live with the solution earlier this year.
To obtain a driving score, consumers download the DriveScore app and complete 150 miles over a minimum of five journeys. They are then rated out of 1000, based on 14 driving factors, such as braking, acceleration, cornering, and use of their mobile phone.
Anyone can access the app free of charge and then choose whether to disclose their score at point of quote in a bid to obtain a cheaper premium.
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Its chief executive Nigel Philips added: “DriveScore is a genuinely innovative proposition with huge potential to improve the way insurers underwrite customers across all segments.
“We anticipate significant interest amongst the CDL userbase, which typically comprises digitally focused insurance brands who make sophisticated use of data for underwriting and customer experience purposes.”
Hooks continued: “CDL partners will have a unique advantage with the DriveScore integration. They can receive data to help enhance the underwriting process, including telematics data, credit background data and current account transaction data via open banking.
“This is a powerful combination of customer profile data points to help manage risk, plus enabling insurers to more accurately and competitively price quotes and therefore drive profitable new customer acquisition.”