Milliman teamed up with Azuga to study how fleet driving behavior coupled with actual accident data can lead to predictive models for commercial auto insurers. Using 1.5 billion miles of Azuga commercial auto driving data and 5,700 accident reports, Milliman modeled the indicators of crash frequency and created a risk index to help insurers, MGAs, and start-ups in the commercial auto space price risk better.
“Commercial auto insurers have faced years of worsening combined ratios, and with this product we strongly feel that we can guide insurers to assess and price risk more accurately. There’s an opportunity here for those in the commercial auto space to use existing and widely accepted technology and optimize their risk pools quickly.”Peggy Brinkmann, a principal at Milliman and co-developer of AccuRate Fleet.
For more information, Milliman will be hosting a panel with Azuga on October 20 from 3:00pm – 3:45pm ET at InsureTech Connect 2020. Topics covered will include bringing new fleet products to market quickly and how to employ usage-based insurance (UBI) to improve fleet profitability.