Blog

DriveWell Score: Predict & Lower Risk

By March 5, 2020 No Comments

DriveWell Score is part of the DriveWell product line. Click here to learn more about DriveWell and its other products

As the number of cars on the world’s roads continues to climb, drivers are more distracted than ever by their smartphones. The World Health Organization predicts road injuries will rise from the ninth to the fifth leading cause of deaths by 2030. Because of this and other factors like increasing costs of car repairs, drivers are becoming more and more expensive to insure. Traditional rating factors like age, gender, and zip code don’t give insurers the whole picture of a driver’s crash risk.

With millions of trips and billions of miles collected across six continents, CMT knows what factors are indicative of crash risk. We developed DriveWell Score to give insurers a true understanding of their drivers. Insurers can accurately segment their policyholders for pricing and help make them less costly over time with DriveWell Score.

DriveWell Score produces two scores: Premium Score and Behavioral Score.

The Premium Score is an assessment of driver risk to support loss prediction for effective pricing. It measures risk factors that are predictive of claims. By better understanding their safest and riskiest policyholders, insurers can price premiums more fairly and accurately. The safest drivers receive more affordable prices or better discounts. The riskiest may receive higher premiums, but they have the opportunity to lower their prices by improving their driving behaviors with the Behavioral Score.

The Behavioral Score is a driver-facing score to help users understand their risky driving behaviors and improve. It measures risk factors that are coachable and can be improved, leading to safer driving habits. The Behavioral Score enables DriveWell Engage features that encourage long-term improvements and keep the driver using the app.

Together, the Premium Score and Behavioral Score give drivers more control over their premiums, while lowering losses for insurers.

Ready to use DriveWell Score to accurately price your policyholders? Contact us today!