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
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