Specialty reinsurer Inigo has formed a partnership with Internet of Things (IoT) company Samsara to introduce an insurance solution for commercial fleets in the US.
Inigo’s new product will leverage Samsara’s telematics data to offer valuable capacity to a key segment of the US market.
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Large fleets are expected to benefit from pricing that reflects individual telematic outputs and incorporates safety metric performance into risk analysis, promising more tailored and competitive rates.
The integration of real-time telematics and driver safety data from Samsara’s IoT gateways and artificial intelligence dash cams is expected to facilitate improved risk selection and bespoke pricing.
This approach combines complex modelling and sophisticated risk management to enhance insurance offerings.
Samsara’s platform is designed to encourage safer driving behaviour through efficient data analysis.
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By GlobalDataThis leads to early identification of risk exposures and helps mitigate concerning trends before losses occur.
Clients are offered comprehensive and affordable coverage, with the added benefit of upfront subsidies for hardware and installation, the insurer noted.
Inigo has secured a national distribution channel across the US through Marsh, a global insurance broker.
The placement of this insurance solution will be facilitated by Marsh’s International Placement Division based in London.
Inigo insurance chief underwriting officer Craig Knightley said: “We believe analysis of different datasets has demonstrated that a robust deployment of Samsara’s telematics and safety solutions will lead to a much better understanding of fleet performance and management, making a material impact on loss frequency and serving to make the roads safer.”
Samsara VP of channel sales & strategic partnerships Ursula Worth said: “By leveraging data from our platform to help provide more accurate risk assessments, Inigo is taking an innovative and data-driven approach to improving safety standards and encouraging safer driving behaviour among some of the biggest names in the fleet industry.”
Earlier this year, Inigo collaborated with UK-based Phinsys to digitise and optimise its finance and accounting functions.
Phinsys specialises in delivering innovative software solutions that support the global insurance and reinsurance industry in streamlining finance and accounting processes.
