The goal of Idelic Insurance Agency is to innovate the traditional insurance market while improving driving habits. (sqback/Getty Images)
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Technology company Idelic is launching a plan to help fleets negotiate better insurance deals by using data extracted from its software of security.
The Pittsburgh company on January 17 announced the formation of Idelic Insurance Agency, LLC. The plan integrates data from Idelic’s Safety Suite driver performance platform – which aggregates driver risk data and identifies high-performing drivers- level through special learning devices – and its Safe Driving Playbook, a driver education and professional development effort in collaboration with insurance companies and boat The goal, for Idelic, is to modernize the traditional insurance market while improving driving habits.
“We want to meet drivers in a proactive and predictable way,” said Michael Gramm, senior vice president of insurance. “The most important part is learning and working with the drivers. You can have the most predictive analytics known to man, but it’s useless if you don’t know why you’re training these drivers.”
He added, “We’re all trying to take the data that comes from trucks today and use that data to predict which drivers are at risk of an accident in the next 90 days. “When you look at this data to better understand the risk of their driving. We help companies identify those drivers.”
Idelic says data compiled on more than 5 million miles of driving time and 215,000 accidents found that 60% of accidents involve drivers at the top of the company’s watch list .
The Idelic Insurance Agency is designed to be a technology-driven public administration, which the company said will focus on providing commercial vessels with insurance policies that reflect the reduction of losses and savings by based on data pulled from its security products.
According to the laws on the books in most states, a public agent is defined as “an individual or business appointed by an insurer to solicit proposals from agents for insurance contracts. or negotiating insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, enforcing (or enforcing) and re-signing insurance contracts.”
– ATRI (@Truck_Research) February 17, 2022
Cheap insurance has become increasingly important in shipping. The rising cost of capital is ranked fifth in the 2022 edition of American Transportation Research Institute Annual Report report, the first time since 2005 that the list of insurance costs has been made.
An ATRI report from 2022 titled “The Impact of Rising Truck Insurance Costs” found that the cost of insurance per mile has increased by 47% over 10 years. previously, from 5.9 cents to 8.7 cents. In the report, ATRI determined that despite reductions in insurance, increased deductibles and improved safety, almost all motor vehicles saw significant increases in insurance costs from 2018 to 2020.
In particular, it was found that fees are increasing in all vessels and categories. Although there was an increase in truck accidents between 2009 and 2018 – the period studied in ATRI’s research – the rate of increase in the cost of insurance during that period is more than the rising costs of the crisis.
The threat of so-called nuclear damages – defined as more than $10 million in damages in a lawsuit related to an accident involving trucks – is also appearing on the market for auto insurance . Here, a data protection system can help, says co-founder and Chief Innovation Officer Hayden Cardiff.
“This is a big deterrent when it comes to nuclear decisions,” he said. “The plantiff bar has a more difficult time attacking a ship because the nuclear decisions are not based on the facts of the case. It all depends on the ship, their process , how they interact with drivers, how they train drivers, how they operate. This could help protect them in nuclear trials.”
Co-founder and CEO Nick Bartel said, “We hope that with the improvements that drivers who use the Idelic program can see their insurance results may exceed their initial investment in the Idelic program.
“We are focused on a long-term partnership with carriers to help reduce the overall level of risk through innovative technological solutions to increase their bottom line. In any renewal of insurance, we have the opportunity to help fleets benefit from their commitment to driver safety.
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