SEATTLE, Oct. 19, 2020/ PRNewswire/– Milliman, Inc., a premier worldwide consulting and actuarial company, today revealed a new innovation in the insurtech area: AccuRate Fleet, a telematics-based risk score produced with Azuga, Inc. to help enhance commercial car insurer profitability.
Milliman coordinated with Azuga, a leading provider of linked automobile and fleet innovation, to study how fleet driving behavior coupled with actual mishap information can lead to predictive designs for business auto insurers. Utilizing 1.5 billion miles of Azuga industrial vehicle driving information and 5,700 mishap reports, Milliman designed the indications of crash frequency and developed a risk index to help insurance providers, MGAs, and start-ups in the industrial vehicle area rate danger better.
“Commercial vehicle insurance providers have actually faced years of intensifying combined ratios, and with this product we highly feel that we can assist insurers to evaluate and price threat more accurately,” stated Peggy Brinkmann, a principal at Milliman and co-developer of AccuRate Fleet. “There’s an opportunity here for those in the commercial vehicle area to use existing and commonly accepted innovation and optimize their threat swimming pools quickly.”
To learn more, Milliman will be hosting a panel with Azuga on October 20 from 3:00 pm— 3:45 pm ET at InsureTech Connect 2020. Topics covered will consist of bringing brand-new fleet products to market rapidly and how to use usage-based insurance coverage (UBI) to improve fleet success.
“Commercial automobile has actually become a significantly tough market for developing a profitable customer base and insurance providers can’t merely keep raising rates,” stated Ananth Rani, co-founder and CEO of Azuga. “Azuga Fleet telematics has actually demonstrated substantial reductions in accident frequency and severity at scale. The AccuRate Fleet rating from Milliman further cements our management in delivering results both to the insured fleets and now the insurance coverage providers.”
To sign up for the webinar, click here. To find out more about AccuRate Fleet, go to https://us.milliman.com/en/products/milliman-accurate-fleet. To register for Milliman’s InsurTech updates, contact InsurTech@milliman.com!.?.!, or follow Milliman at www.twitter.com/millimaninsight . About Milliman is among the world’s largest providers of actuarial, danger management and technology solutions. Our consulting and advanced analytics abilities encompass health care, home & casualty insurance, life insurance coverage and financial services, and employee benefits. Established in 1947, & Milliman is an independent company with offices in significant cities around the world. For further information, see milliman.com. About Azuga Azuga, backed by Sumeru Equity Partners, is a leading global connected lorry platform , assisting our clients turn data from lorries and their use into intelligence that enhances operations and security while reducing expense and danger. Azuga supplies trustworthy end-to-end solutions for business fleets, government agencies, insurance provider and automotive market suppliers, through leading hardware technology, incorporated chauffeur benefits program, award-winning fleet applications and data analytics. Our acclaimed Azuga Fleet option is utilized by thousands of businesses– from the little fleet of a few lorries as much as a number of thousand– and is lauded by our consumers for its ease-of-use, robust features, and budget friendly pricing. For more information, visit https://www.azuga.com!.?.! and follow us on Twitter @Azuga_GPS. Source: dailyrecordnews.com