It’s no secret that losses in commercial auto insurance lines have persisted for the past 7 years, despite consistent increases in premiums. Why? Because pricing and technology levers don’t change the underlying risk, meaning losses remain the same or worsen.
Risk Managed Insurance (RMI) by eDriving goes beyond rating and pricing to solve the profitability issue. We attack the real issue – losses. RMI uses sophisticated techniques to identify the scope of the risk, and deploys state-of-the-art risk mitigation tools to reduce collisions/incidents/injuries and near-misses, an approach that can dramatically improve the performance at both the customer and portfolio levels.
RMI’s multi-faceted Loss Control program is composed of the following:
We empower insurance partners to create powerful customer opportunities and harness the broad reach and depth of our driver education platforms to build a behavior based insurance offering which is focused not only on scoring the driver behavior, but improving driver safety and reducing total cost of ownership for their clients.
Insurance CIO Outlook, Sept. 2019
Looking for an even more thorough evaluation of your commercial auto business, with deeper insights re losses and opportunities? Additional options include:
Best practice calls for evaluating performance at the portfolio, business segment, driver, team, and organization level and comparing against best practice results and strategies. To facilitate this process, eDriving provides:
The CARS initial evaluation consists of a portfolio-level LossDetect® loss analysis and a series of interviews with Company Management, Underwriting, Distribution, Pricing, Claims & Fraud Control, and IT/MIS aimed at understanding the loss drivers and savings potential within the auto portfolio, along with insights re underwriting, claims processing and data systems. Recommendations focus on portfolio concerns and opportunities across all affected groups and systems.