2. What role will the Advisory Board play?
3. How can I become a member of the Advisory Board?
4. Will the Advisory Board seek to set specific compliance or other standards?
5. What steps are FICO and eDriving taking for validation to ensure model accuracy?
6. Will the FICO Safe Driving Score be available through other partners in the future?
8. How might the FICO Safe Driving Score change what insurers now do? Will it be made available to insurers? Could it replace or supplement scores that insurers now use to rate drivers?
9. How effective is the score or the app in changing driver behavior?
10. Is the score strictly based on telematics data or is third-party and other data involved?
FICO and eDriving will work with key industry players to further develop Mentor into a powerful closed-loop driver improvement offering and the FICO Safe Driving Score into a standard score for fleet management, professional, and consumer drivers enabling a greater understanding of safety performance by individual drivers. 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. To that end, the eDriving FICO partnership will seek direct counsel from an Advisory Board consisting of fleet and collision management companies, insurance companies (both commercial and personal auto), super insurance brokers, academia related to cognitive distraction, behavioral science and road safety, and OEM suppliers to define a beneficial industry standard. This advisory board provides an alliance to ensure all drivers and companies employing full- or part-time drivers have the opportunity to utilize the FICO Safe Driving Score and take advantage of Mentor’s risk reduction content.
The Advisory Board will play an integral part in ensuring the eDriving Mentor solution, including the FICO Safe Driving Score, offers the market the most viable driver safety/driving behavior solution available. It will act as a ‘guide’ and a ‘sounding board’ to guide a successful offering for the ecosystem of drivers, insurers, providers and companies.
This is an invitation-only Board. We are receiving a great deal of interest in this role and anticipate working with the appropriate number of key contributors going forward. Those interested in participating should advise their eDriving and/or FICO contacts directly.
The Advisory Board will offer specific recommendations for each area represented to ensure solution compliance with all appropriate regulations/standards that must be adhered to. However, the Board will have no governance responsibility regarding the actual product or score.
The score will be validated using actual incident, claims and infraction data.
It is our intent for the FICO Safe Driving Score to be available to other companies, and, in fact, to be a standard, transferrable score available broadly, including to insurance companies, insurance brokers, car manufacturers for their embedded systems, and other telematics service providers.
There are any number of opportunities to assure the FICO Safe Driving Score available via eDriving’s Mentor solution becomes the market standard. Opportunities with OEMs will be fully explored.
The insurance industry is always investigating and pursuing new data and new tools to help offer more competitive and more effectively underwritten and priced products for consumers and businesses alike. The FICO Safe Driving Score, when made available to the insurance industry in the coming months, will offer an additional tool to help insurers best meet their customers’ needs while pursuing their own strategic and operational goals. We believe the FICO Safe Driving Score, focused specifically on driver performance, has the potential to become an integral, valuable underwriting and pricing tool for auto insurers in the near future.
A viable insurance-focused solution will meet the strategic, operational and regulatory needs of the insurance industry as well as consumer privacy advocates. Our Advisory Board approach and membership will help assure those needs are properly and most effectively addressed.
The FICO Safe Driving Score is made available through eDriving Mentor — a closed-loop driver training and improvement telematics solution. The Mentor smartphone application will monitor and assess driving behavior data while providing coaching to improve driving behavior. Mentor provides a “playlist” of engaging interactive training interventions customized for drivers based on their FICO Safe Driving Scores and driving risk profiles. Mentor and the FICO Safe Driving Score will empower ‘good’ drivers to prove their low-risk profile, and ‘high-risk’ drivers to understand their risk exposures, how those factors affect their safety and what they can do to manage, control and mitigate their risk of incidents, thereby improving their driving and ultimately their auto insurance costs. The FICO Safe Driving Score will provide drivers who opt in to the service with valuable insights into their driving behavior that will help them do something also vitally important — protect themselves, their passengers and their vehicles. The intent of the Mentor offering and the FICO Safe Driving Score is to put full knowledge of and control over people’s driving behaviors and risk profile directly into their own hands to control and change.
Mentor will initially capture the below data measuring the following aspects of driving behavior to fuel the FICO Safe Driving Score:
- Cellphone distraction, which includes outgoing texts, outgoing phone calls, touching the phone, and phone movement
- Distance traveled
- Duration of trip
- Engagement in the process of improvement
The FICO Safe Driving Score will not include risk factors that are not related to driving behavior.