Scope's platform is a business intelligence tool designed to convert telematics data into meaningful insurance information. It provides an interface that enables insurers to define what information it's interested in, and to then build complex algorithms to calculate an individual score per vehicle that reflects its risk assessment.
The scoring platform, Scope says, takes data feeds from in-vehicle telematics devices (trip and driver behavior information) and overlays data from external information sources (speed limits, road type, weather, etc). This data is then processed based on user configured parameters and event severity. The platform enables calculation of a behavioral score based on a user-defined scoring formula, and the processed data is extracted into existing in-house insurance back-end applications for further actuarial analysis and interpretation.
“After our release of the low-cost, self-installed, OBD in-vehicle telematics device for the insurance market last year, the driver scoring platform will provide a further enabler for insurance companies offering motor insurance truly linked to driver behavior," says Monty Nussbaum, director of Scope Technologies. "With this, we can offer the market a single-stop technology solution for their UBI needs.”
The platform was developed in association with South Africa-based
