Idelic Introduces New Safety Suite Platform For Insurers

A New Solution to Improve Commercial Fleet Insurance Profitability

PITTSBURGH--(BUSINESS WIRE)--
Idelic, a leading provider of advanced commercial driver performance management solutions, is proud to announce the launch of its first-to-market Safety Suite Platform for Insurers. This innovative solution addresses the challenges faced by insurers in risk pre-selection and monitoring, paving the way for improved profitability across their commercial auto portfolio.

Commercial auto insurance has long been plagued by profitability issues, with the industry generating an underwriting return only once since 2010. However, with Idelic's Safety Suite Platform, insurers now have access to a timely and comprehensive solution to transform their risk assessment practices.

Idelic's Safety Suite Platform empowers insurers with a wealth of fleet performance data, including telematics, cameras, FMCSA, accidents, claims, and training consolidated into a single view. “This holistic view of driver performance enables insurers to make more informed underwriting decisions, monitor portfolio risk effectively, and prioritize their risk mitigation programs,” said Brian Filip, Chief Technology Officer and Head of Product at Idelic. “Leveraging our industry leading integration ecosystem, and combining it with our best-in-class machine learning capabilities, we can consistently enable 20% accident reduction for our fleet partners. Providing these same data feeds and analytical insights at the portfolio level for insurers is a force multiplier in risk reduction across the entire commercial auto industry.”

By gaining deeper insights into fleet driving performance at the portfolio level, insurers can now proactively prioritize intervention programs and adjust service levels to drive quantifiable improvements across key metrics such as crash frequency, loss ratio, retention, claim quality, and efficiency.

"The commercial auto industry has struggled for over a decade with profitability, and traditional methods for gathering vital fleet and driver data have not been effective," said Hayden Cardiff, Chief Innovation Officer at Idelic. "We are thrilled to introduce our Safety Suite Platform for Insurers, which provides insurers with a comprehensive and streamlined solution to improve risk pre-selection, underwriting, and full portfolio monitoring and benchmarking. By harnessing the power of advanced data analytics, insurers can overcome the challenges facing the commercial auto line and drive profitability like never before."

According to the latest US Commercial Lines Market Update released by Fitch Ratings, commercial auto insurance continues to face challenges in 2023, with claims severity tied to higher parts and repair costs and increased litigation exposures. Additionally, the combined ratio for commercial auto rose to 105 in 2022, an alarming increase of five points from the previous year. In this demanding landscape, Idelic's Safety Suite Platform offers a crucial advantage to insurers, enabling them to leverage cutting-edge technology and data-driven insights to navigate the complexities of risk pre-selection and monitoring in the commercial auto insurance market.

For insurers looking to take control of improving profitability and transform their risk assessment practices, Idelic's Safety Suite Platform for Insurers is the ultimate solution. With its comprehensive set of features, intuitive interface, and unrivaled customer support, the platform is poised to revolutionize the commercial auto insurance industry.

Learn more about Idelic’s Safety Suite for Insurers here.

About Idelic:

Idelic is a leading provider of advanced fleet management solutions, empowering transportation companies and insurers to enhance safety, efficiency, and profitability. With a mission to revolutionize the commercial auto industry, Idelic offers innovative technology platforms that enable data-driven decision-making, risk mitigation, and driver management. By harnessing the power of data and analytics, Idelic is transforming the way fleets and insurers operate, ensuring safer roads for all.

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20230803693629r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

View source version on businesswire.com: https://www.businesswire.com/news/home/20230803693629/en/

Tara Beeby
[email protected]

425.245.3566

Source: Idelic