FICO is showing that its technology and analytics repertoire includes more than just the score that’s often so valuable in auto-finance underwriting.
FICO, in partnership with risk management firm eDriving, recently launched the latest version of the FICO Safe Driving Score in eDriving’s smartphone-based driver risk management solution, Mentor by eDriving. FICO Safe Driving Score 2.0 has been optimized to better predict the likelihood of future collisions, enabling fleet managers to more effectively mitigate risk, lower costs and keep drivers safe.
To address the ever-present issue of commercial fleet losses caused by collisions, the company explained FICO Safe Driving Score 2.0 has been fine-tuned to the specific needs and requirements of fleet safety management programs. Following validation of its predictive ability using a large-scale, naturalistic driving data set from the Strategic Highway Research Program 2 (SHRP 2) study.
This latest version can enable fleet safety managers to recognize, encourage and ensure a safer driving experience by identifying with an 18% improvement in predictive accuracy, drivers who are “high risk” — those who are 30% more likely, on average, to be involved in a future collision — versus those identified as “low risk.”
“We designed the latest FICO Safe Driving Score to take an even deeper look at driving behaviors in order to improve the ability to predict driver risk. As we continue to innovate the FICO® Safe Driving Score to be the industry standard, our goal is to provide transparent and valuable insights to keep all drivers safe,” said Rachel Bell, vice president of Scores and Analytics at FICO.
Leveraging telematics-based driving data from eDriving’s Mentor app, the FICO Safe Driving Score can predict the likelihood of future driving incidents by evaluating behaviors proven to be most predictive of crash risk, including acceleration, braking, cornering, speeding and cellphone distraction. After each trip, drivers not only receive their FICO Safe Driving Score, but also instant feedback providing pointers on how to improve in the future.
In addition, each driver also receives three- to five-minute coaching modules to help improve identified “at risk” behaviors and attitudes. This insight can allow fleet managers and drivers to address driving behaviors that need improvement, as well as acknowledge behaviors that deserve positive recognition.
“By offering immediate feedback after a trip, we’re providing drivers and managers with the insights and tools they need to continually improve their behavior behind the wheel,” said Ed Dubens, founder and chief executive of eDriving.
“Working with a leading analytics company like FICO who consistently innovates the FICO Safe Driving Score model to provide the best possible picture of evaluating driver risk is ideal. It helps us achieve our goal of ensuring all drivers return safely to their loved ones at the end of each day,” Dubens went on to say.