RICHMOND, Va.--(BUSINESS WIRE)--DriveFactor, a trusted source for driving data and analytics, today announced that Joseph R. Herbert has joined the company as Chief Financial Officer, a newly created position, effective June 4, 2012. Mr. Herbert brings more than 25 years of financial management experience to DriveFactor, most recently serving as Managing Director and Chief Financial Officer of Greenwich Associates, a privately held professional services firm serving the global financial services industry. Mr. Herbert will report to DriveFactor’s Founder and Chief Executive Officer, Steven J. McKay.
“We are pleased to welcome Joe to our team at such an exciting time in the company’s evolution,” said McKay. “He is a proven executive with extensive experience in financial management and information services. His broad set of leadership skills will serve DriveFactor and our partners well as we continue to roll out more programs for drivers and insurers both in the United States and abroad.”
Mr. Herbert has more than 25 years of senior operating and financial management experience in the information services industry including serving as Managing Director and CFO of Greenwich Associates; Vice President and General Manager of Prentice Hall Legal and Financial Services; and Vice President and CFO of the Software and Information Services Division of Simon & Schuster. Earlier in his career, Mr. Herbert held senior financial positions with Exxon and Schering-Plough Corporation. He received a B.A. in Business Administration from Bloomfield College and an M.B.A. in Finance from St. John's University.
“I’m excited to be part of the DriveFactor team at this time of growth and opportunity,” said Herbert. “Market research predicts telematics-enabled policies will exceed $50 billion in premium by the end of this decade. DriveFactor is uniquely positioned to be a market leader with its programs and services.”
In light of DriveFactor’s continued growth and expansion, the company just launched its Express Way program, which positions insurers with a competitive advantage while rewarding safe drivers. As part of this program, partners receive a no obligation, no risk 60-day trial, which allows valued partners to evaluate DriveFactor’s full program suite.
DriveFactor is currently available in the Unites States and Europe.
DriveFactor provides a data capture device that drivers plug into their vehicle and a private consumer friendly website that shows drivers their driving habits, routes, recommendations for improvement, and a unique DriveFactor status. In addition, DriveFactor provides insurance companies with a turn-key software platform that enables usage based insurance (UBI) programs. DriveFactor has created an elegant UBI platform that is statistically more predictive and financially more attractive for insurance companies to implement, as well as a privacy-sensitive, financially equitable offering for consumers. For additional information, please visit our website www.drivefactor.com and our blog (www.drivefactor.com/category/blog), or Like Us on Facebook and Follow Us on Twitter @Drive_Factor and YouTube (www.youtube.com/user/MyDriveFactor).