eDriving to combine FICO Safe Driving Score with launch of new Mentor telematics “closed loop” driver training and risk reduction program
eDriving, the provider of online driver training and global driver risk management solutions, announced it has partnered with analytics software firm FICO to launch new scoring algorithms to capture driving behavior and develop a transformational risk predictor — the FICO Safe Driving Score. Just as the FICO Score is the standard measure of consumer credit risk, used by all players in the credit ecosystem, the FICO Safe Driving Score will provide a measure that facilitates consistency and fairness in driver safety assessment.
The partnership between eDriving and FICO will be one of the centerpieces of a new driver training and improvement offering by eDriving, called Mentor. The Mentor offering, smartphone telematics solution, will initially serve the fleet market and the teen/novice market, with expected launch dates in Q4 2016 and Q1 2017, respectively.
eDriving’s Mentor will capture acceleration, braking, cornering, speeding, cellphone distraction, and other behavioral data, as well as provide the proprietary, predictive analytics platform to establish the FICO Safe Driving Score.
“This groundbreaking partnership between two global leaders elevates and expands our mission of empowering drivers to control their lives behind the wheel by improving their safety and reducing their risk,” said Celia Stokes, CEO, eDriving. “By working with an analytics powerhouse like FICO, we’ll have an enormous impact on what is happening on the road and create benefits that ripple through the entire driving ecosystem. There has been so much talk about a FICO-like score in this industry — we are delighted to be delivering on the dream and then some. Everyone wins here — the driver, their families, their insurers and their employers.”
“We believe in solutions that give consumers more control over their lives,” said Sally Taylor-Shoff, vice president of Scores, FICO. “Our programs, like FICO Score Open Access, provide consumers with insight into how lenders view their creditworthiness and provide information that enables them to better understand their financial health. In concert with the industry leader in driving education, the FICO Safe Driving Score will provide consumers with valuable insights into their driving behavior that will help people do something also vitally important — protect themselves, their passengers, and their vehicles.”
Advisory Board to Oversee Path to Adoption
FICO and eDriving are also forming an advisory board to develop the FICO Safe Driving Score into a standard for all drivers. The advisory board will include representation from insurance companies (both commercial and personal), brokers, fleet, and incident management companies, other telematics service providers, and car manufacturers to define a beneficial industry standard, which the companies say does not exist today.