Swiss Re and TNEDICCA Announce Partnership to Create More Accurate Auto Risk Segmentation
TNEDICCA’s proprietary Location-Based Risk Score to power Swiss Re’s Motor Market Analyzer for improved auto insurance pricing and insurers’ profitability.
- (1888PressRelease) October 13, 2021 - ARMONK, N.Y. and COLUMBUS, Ohio — TNEDICCA®, the leader in traffic crash data and location risk analytics, and Swiss Re, one of the world's leading providers of reinsurance, announced a strategic partnership. TNEDICCA’s proprietary Location-Based Risk Score and its location risk data are integrated with Swiss Re’s Motor Market Analzyer to enable insurance companies to more accurately assess and price auto risk, improving insurers’ profitability.
“Our Location-Based Risk Score has been empirically proven to improve the profitability of auto insurance companies with average loss ratio lift of 38%,” said 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 Motor Market Analyzer (MMA) combines a state-of-the-art predictive tool with vast motor accident risk knowledge and data analytics ensuring 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.”
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organized into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.
About TNEDICCA
Founded in 2015 and headquartered in Columbus, Ohio, TNEDICCA’s mission is to reduce future traffic accidents through the better use of data and analytics. TNEDICCA has built the most comprehensive accident location database of more than 30 million crashes covering 91% of the U.S. auto insurance market. The company provides solutions to auto insurance, navigation service, automotive manufacturing, and transportation planning industries. The company provides telematics and non-telematics risk scores that are empirically proven to enhance pricing precision and better risk selection. Connect with TNEDICCA on LinkedIn and Facebook. Visit www.tnedicca.com.
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