FREMONT, Calif., March 25, 2021 (GLOBE NEWSWIRE) -- Azuga, a leading global provider of vehicle analytics, fleet technologies and insurtech solutions, announces SafetyIQ, a new Software as a Service solution for insurance providers and commercial auto fleet owners/managers. SafetyIQ uses AI and Machine Learning to help insurance providers and fleet owners/managers better understand the safety risks posed by commercial vehicles and drivers. SafetyIQ is available today and is already in production with multiple insurance carriers in the United States.
The U.S. commercial automobile insurance segment’s underwriting losses deepened to $4 billion in 2019, the industry’s worst loss in 10 years and a continuation of a decade-long trend, according to an AM Best report. An increase in the number of distracted or unqualified drivers and elevated road usage are contributing factors, as are an abundance of older vehicles.
Easy access to vehicle performance and driver behavior data is essential to helping commercial auto insurance providers limit their financial exposure. Philadelphia Insurance, for example, was able to reduce its loss frequency by 19% after incorporating Azuga technology into its PHLYTRAC program. Fleet owners/managers have a similar incentive. By more carefully monitoring vehicles and drivers, fleet owners/managers can reduce the number of claims filed and lower insurance costs. According to Insureon, the median cost to insure a commercial vehicle is $1,704 per year.
SafetyIQ helps insurance providers and fleet owners/managers achieve these objectives. The solution uses Machine Learning algorithms to analyze vehicle telematics data, including how fast vehicles are traveling, if and when there was “hard braking,” location-based risky events like natural disasters, and vehicle service warnings. Insurance providers and fleet owners/managers can view the data in real-time via risk insights dashboards, and SafetyIQ automatically detects and flags business-critical vehicle and driver issues before they impact claims and operations.
“We’re very excited to offer our insurance provider and fleet owner/manager customers a new solution to help them reduce costs and improve road safety,” said Ananth Rani, CEO of Azuga. “There is tangible evidence that fleet telematics data can save lives and lower insurance premiums, which is good for fleet owners/managers, insurance providers and everyone on the road. We look forward to rolling SafetyIQ out to our customers, who use Azuga to manage over 250,000 commercial vehicles.”
About Azuga
Azuga, backed by Sumeru Equity Partners, is a leading global connected vehicle platform, helping our customers turn data from vehicles and their use into intelligence that improves operations and safety while reducing cost and risk. Azuga provides reliable end-to-end solutions for commercial fleets, government agencies, insurance companies, and automotive industry suppliers, through leading hardware technology, the Azuga One platform, award-winning fleet applications, and data analytics. The award-winning Azuga Fleet solution is used by thousands of businesses—from the small fleet of a few vehicles up to several thousand—and is lauded by customers for its ease-of-use, robust features, and affordable pricing. Azuga is headquartered in Fremont, California, with offices across the globe.
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