TC Insurance Solutions

TC Insurance Solutions was designed to help insurance underwriters and insurance brokers by:

Consolidating data from multiple tracking provider platforms and making it meaningful.

Customising exception reporting to highlight areas of concern.

Reducing claims ratios.

Reducing policy holder costs.

  • Insurance industry challenges

Historic risk profiles based on previous claims history may result in limited visibility of risk. The risk can change drastically in a year, for instance:

  • Vehicle condition (has it been serviced on time)
  • Drivers have changed
  • Road conditions have changed
  • Routes/clients may have changed
  • Fleet size may have changed and there might not be as strict a control over larger fleets as they grow (40 is the magic number).
  • Fleet manager has changed
  • Driver payment policies (being paid now per hour or per route)
  • Driver parameters like speeding, harsh braking/acceleration, excess idle, drive hours, and cornering (Problem is that data is available but from several tracking providers and the amount of data is onerous).

Soft rates due to a competitive environment

  • Rates largely based on the client rather than the risk.
  • Insurance rates do not match risk profile
  • Rate being too low could result in non-payment of claims due to loss ratio
  • Rate being too high could result in client leaving for lower premiums
  • Competitive environment – Regardless of the risk someone will always quote lower.
  • Insurance industry solution
  • Risk profiling through multiple feeds
  • Normalising risk versus premium
  • Isolating risk
  • Enabling client retention
  • Scientific rather that speculative
  • Quantifying risk

Industries include:

Passenger transport
Emergency services
Department of Defense