Insurance providers charge premiums based on expected losses, and they expect commercial fleets to be at higher risk for loss. Tech company Idelic’s mission has always been to help commercial fleets produce better insurance outcomes by predicting and mitigating risk, reducing preventable crashes and lowering losses.
But that has traditionally been difficult for fleets in the standard insurance market.
“They had to reduce and lower accident frequency, lower losses and then go back and hopefully convince their insurer to give them better outcomes,” said Hayden Cardiff, Idelic founder and chief innovation officer. “We started to see that it took several years – four to five years of consistent lower loss history – before the insurance providers would switch over from, ‘Hey, this could be an anomaly’ to ‘No, this is actually a trend. Let me give you better rates for it.’”
Because that delay presents a big challenge for Idelic customers, Idelic decided to branch into the insurance sector itself.
Idelic has launched a tech-driven managing general agent (MGA), Idelic Insurance Agency LLC, focused on providing commercial fleets with customized insurance coverage and pricing that is reflective of risk improvement resulting from use of the Idelic Program.
The idea behind the new offering is fleets can use Idelic’s Safety Suite and Driver Safety Playbook to lower losses and, in turn, receive lower renewals based on the results.
The Idelic Program is made up of two primary components: driver performance management platform Safety Suite, which first aggregates driver risk data and identifies high-risk drivers using proprietary machine learning models; and the Driver Safety Playbook, a guide to engaging drivers through coaching and step-by-step professional development plans created in collaboration with insurers and trucking’s safest fleets.
