CCC Information Services Inc. announced it has acquired DriveFactor Inc., provider of a highly robust, flexible technology platform for insurance telematics. CCC, a 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. 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.
“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.” – Marc Fredman, Senior Vice President of Corporate Strategy & Development, CCC
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.
Fairmount Partners advised DriveFactor on the transaction. Sellers included Safeguard Scientifics, Inc. (NYSE:SFE). Terms were not disclosed by CCC.