Insurance Telematics: $22M DriveFactor Acquisition is from CCC

Last week we learned that insurance telematics start-up DriveFactor was acquired for $22 million, from an unknown party. But today CCC Information Services (CCC) confirmed this acquisition.

CCC is a large SaaS technology provider to the U.S. auto insurance industry. The company works with more than 350 insurance carriers and more than 21,000 repair facilities, processing the majority of automotive claims in the U.S. each year.

This acquisition will therefore expands its services in an adjacent space that currently experiences significant growth.

“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,“ said Marc Fredman, Senior Vice President of Corporate Strategy & Development at CCC.

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