Applied Informatix, a unit of Jersey City, N.J.-based ISO that was created to gather and analyze data from installed telematics equipment in private passenger and commercial vehicles, is developing a Driving Behavior Database for Modelers (DBDM), it says in a release.
The DBDM's goal is to help insurers develop underwriting and rating plans involving driver behavior, or use analytics to differentiate their driver behavior programs. It will be composed of telematics data associated with insurance data such as exposures, premiums and losses. ISO will include its own fleet with telematics devices to get data to include in the DBDM.
During the development phase, ISO will work closely with development partners who will have exclusive access to their own data, benchmarked to the industry aggregate, as well as input on design considerations for the DBDM. Development partners will also have access to reports from Geometric, Applied Informatix's product that provides insurers with a unique method of analyzing driving location risk using GPS data from telematics devices.
“This groundbreaking program will define the relationship between losses, traditional policy information, and driving behavior,” Steven Craig, GM of Applied Informatix, says in a statement. “The risk information that will be uncovered will provide insurers with a platform for improving existing products and developing new ones.”
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio