Menu

Reinsurance News

Swiss Re eyes improved auto pricing with insurtech partnership

12th October 2021 - Author: Charlie Wood

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.

Swiss ReIt’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.

RMS

“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.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Cyber exposures totalling $12.5bn flagged in US Property market

Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and cause certain...

Close