Swiss Re has teamed up with TNEDICCA, a traffic crash data and location risk analytics provider, to improve auto insurance pricing.
Under the partnership, TNEDICCA’s location-based risk score and data are integrated with Swiss Re’s Motor Market Analyzer (MMA).
Swiss Re’s MMA leverages predictive technology in combination with motor accident risk knowledge and data analytics to ensure alignment of interests with carrier customers.
The integration of location-based risk score and MMA is expected to aid insurers in assessing and pricing auto coverage to improve their profitability.
Swiss Re America P&C Analytics head Duare Perez Alonso said: “It will enable us to provide a more granular and precise risk understanding to our clients. With more drivers on the road and loss ratios on the rise, to improve their bottom-line, auto insurers need to monitor where crashes occur and dynamically incorporate crash location data into their rating territories beyond just the loss history on garaging locations.”
TNEDICCA co-founder and CEO Yiem Sunbhanich said: “Our location-based risk score has been empirically proven to improve the profitability of auto insurance companies with average loss ratio lift of 38%.”
“Partnering with Swiss Re, the largest reinsurer in the world is a milestone that reinforces the incremental value TNEDICCA brings to the auto insurance industry.”
Last month, Swiss Re joined forces with Claims Genius on an artificial intelligence (AI) powered damage assessment and motor claims estimation platform.
Claims Genius leverages AI-based image analysis and predictive analytics for assessing vehicle damage and offering estimates.
The insurtech uses images and videos uploaded through its first notice of loss (FNOL) app for claims processing.