By combining forces, insurance providers can further improve loss ratios, speed up claims and price more effectively using connected vehicle data analytics
FREMONT, Calif., March 09, 2021 (GLOBE NEWSWIRE) -- Azuga, a leading global provider of vehicle analytics, fleet technologies and insurtech solutions, has extended its investment in the insurtech space by combining forces with Mobikit, an insurance data science and analytics company based in Columbus, Ohio. The acquisition delivers a new SaaS platform to accelerate the benefits and insights telematics, AI, video and vehicle data offers Carriers, MGAs, Brokers and other insurance providers.
Insurance companies spend millions of dollars annually processing claims and writing policies to automotive fleets. Reducing the number of claims they receive would lower their cost of doing business. In part, the ability to reduce the number of claims depends on an insurance company’s ability to accurately assess the risk of the fleets they insure. Making a correct assessment depends on the ability of the insurance company to track data such as how fast fleet drivers are traveling, braking, accelerating and more. Historically, data exchanges have not solved these challenges but Azuga and Mobikit will now be able to provide a multi-end point platform with data harmonization that resolves gaps in the exchange model.
While Azuga’s fleet telematics solution captures this data already, Mobikit’s data engineering and analytics technology expands Azuga’s data set further by seamlessly integrating Azuga’s driver performance data with Mobikit’s machine learning algorithm to provide insurance carriers with insights unavailable until now. Insurance carriers can improve their commercial auto telematics programs with little-to-no technical investment and enable insurers to onboard fleets at a pace that works for them. With this platform, insurance providers are in control by integrating data from disparate data sources, including fleet telematics providers and Automotive OEM telematics data feeds. This enables automated workflows that provide immediate value across loss control, claims, underwriting, brokers, agents and MGAs.
“Azuga is delivering consistent reduction in loss ratios for our commercial insurance customers,” said Ananth Rani, CEO of Azuga. “By providing enhanced data analysis capabilities and harmonizing data from disparate data sources, insurance carriers can identify even more opportunities for reducing risk and pricing premiums more effectively. Our mutual customers are using Mobikit already and believe the team and technology can dramatically improve our data analytics solutions to continue to deliver insurtech at scale”
“This is great news for insurance providers and commercial auto fleets everywhere,” said Arnab Nandi, Founder and CEO of Mobikit. “Combining Mobikit’s expertise in telematics data science with Azuga's rapidly growing footprint provides huge value to our customers. By more tightly integrating our services and solutions, Mobikit and Azuga can help insurers and fleets leverage telematics data to better understand and manage their risk.”
Azuga’s solution has been in the market since 2013. It’s being used by many of the world’s largest commercial auto insurance companies, including Nationwide and Philadelphia Insurance, with over 250,000 commercial vehicles using Azuga technology, allowing for over 3 billion data points to be analyzed in real-time every year. Azuga is the only company to have reached scale at the intersection of fleet management and insurance for the commercial auto space.
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.