Swiss Re offers Insurers access to accident data
Swiss Re , in partnership with TNEDICCA , introduced Impact+ Motor Insights, a cloud-based tool that gives insurers the ability to see accident data from every jurisdiction in 41 states plus the ability to integrate their own data for a richer view and improved bottom line.
“Our location-based risk model has improved the profitability of auto insurers with an average lift of 38%. Partnering with Swiss Re reinforces the incremental value TNEDICCA brings to the auto insurance industry.” – Yiem Sunbhanich, co-founder and CEO of TNEDICCA.
With Impact+ Motor Insights, Swiss Re clients can see how various risks are contributing to their loss and rate, such as where customers drive, what they drive and how much they drive; then they can adjust their underwriting accordingly. The impact of such an analysis on an insurer’s bottom line can range anywhere from a $2.5 million increase on a stable $100 million portfolio to a $7.5 million increase a year on a new $100 million portfolio. When an insurer obtains this better understanding of risk components, the insured often benefits from expanded coverage.
“With more drivers on the road, insurers are going beyond garage-based loss history and incorporating crash location data into their analysis. We’re excited to add TNEDICCA’s innovative data solutions to Impact+ Motor Insights. This is one of many partnerships that we’ll announce this year, through which we’ll offer deep data insights to Auto, Property and Commercial insurers. Plus, Swiss Re takes a share of the risk so the client can rest assured that its high-performance portfolio is backed by world-class reinsurance capacity.” – Duare Perez Alonso, Head P&C Analytics Americas, Swiss Re.