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Acquisition strengthens and extends DriveFactor’s technology to create the first full-service, open telematics platform for auto insurance.
CCC Information Services Inc. announced today it has acquired DriveFactor Inc., provider of a highly robust, flexible technology platform for insurance telematics. CCC, a leading SaaS technology provider to the U.S. auto insurance industry, will strengthen and extend DriveFactor’s technology to create the first full-service, open telematics platform for auto insurance.
“Steve McKay is an insurance veteran and telematics visionary. He, Mac Fraser, and the rest of the DriveFactor team have been pioneers in delivering a proven, device-agnostic platform for insurance telematics,” said Marc Fredman, senior vice president of corporate strategy & development, CCC. “DriveFactor’s technology provides superior flexibility and data quality for underwriting and marketing, and by integrating telematics data into existing claims operations carriers will have the first full-service solution to satisfy their policyholders and improve efficiency. We’re excited to welcome the DriveFactor team to the CCC family and look forward to working together to bring sustained innovation to customers.”
McKay said, “Telematics is rapidly evolving and holds enormous potential for carriers to increase consumer engagement, strengthen loss ratios and improve claims performance. To realize the promise of telematics and stay ahead of the curve, carriers will need to access an array of technologies – from OEM systems to device and service providers. A full-service, open platform delivers choice and scale to carriers as their needs in telematics grow and change. I’m excited by the data, expertise and network that CCC will bring to our customers.”
Mac Fraser, chief information officer, DriveFactor added, “CCC is a trusted partner to more than 350 insurance companies that rely on CCC to connect with their business partners and execute more than one million claims-related transactions every day. The combination of CCC and DriveFactor creates unmatched insurance, claims, telematics and technology expertise that will enable us to deliver on near- and long-term opportunities.”