Leading reinsurer Swiss Re is strategically partnering with traffic crash data and location risk analytics firm TNEDICCA in order for the latter’s proprietary Location-Based Risk Score and location risk data to be integrated with the former’s Motor Market Analyser (MMA) solution.
It’s hoped this partnership will enable insurance companies to more accurately assess and price auto risk, improving insurers’ profitability.
TNEDICCA’s location-based risk score has been shown empirically to improve the profitability of auto insurance companies with average loss ratio lift of 38%, according to Yiem Sunbhanich, co-founder and CEO of TNEDICCA.
“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.”
Swiss Re’s proprietary MMA solution combines predictive tools with vast motor accident risk knowledge and data analytics to ensure the alignment of interests with carrier customers.
“We are so excited to incorporate TNEDICCA’s innovative data solutions into the MMA,” said Duare Perez Alonso, Head P&C Analytics Americas at Swiss Re America. “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. We expect this collaboration to lead to many future product enhancements.”