Idelic Inc. announces today the launch of Idelic Insurance Agency, LLC, a technology-driven Managing General Agent (MGA) focused on providing commercial fleets with customized insurance coverage and pricing that is reflective of risk improvement resulting from their use of the Idelic Program – a comprehensive approach to reducing crashes and improving driver safety.
The commercial auto industry has faced devastating losses in profitability due to crashes (as well as the related costs for fleet insurance). Idelic Insurance Agency intends to provide a modern approach to improving insurance outcomes by offering fleets the opportunity to use technology and processes to lower losses, and in turn, Idelic Insurance Agency will quote renewals based upon their successful adoption and results.
The Idelic Program is made up of two primary components: Safety Suite®, trucking’s premier driver performance management platform which first aggregates driver risk data and identifies high-risk drivers using proprietary machine learning models, and the Driver Safety Playbook, a best-in-class guide to engaging drivers through coaching and step-by-step professional development plans developed in collaboration with insurers and trucking’s safest fleets. Fleets that choose to use the Idelic Program on average can see a 20% reduction in preventable crashes within the first year.
“Commercial auto fleet insurance is inherently complex with a multitude of nuances from fleet to fleet. The process of evaluating risks has traditionally relied on underwriter experience and judgment, but insurers are increasingly looking for a more data-driven way to evaluate risks. Idelic Insurance Agency will do just that,” said Michael Gramm, Idelic Insurance Agency’s Senior Vice President of Insurance. “By working closely with fleets that choose to use the Idelic Program, we can better leverage critical driver behavior data to quote policies that reflect their reduced crash risk.”
With fleet insurance costs and availability once again on the American Transportation Research Institute’s (ATRI’s) Top 10 list of motor carrier executive concerns, the power of the Idelic Program and Idelic Insurance Agency are timely solutions to help fleets combat rising insurance rates with the potential to significantly reduce losses. “We anticipate the improvements that motor carriers using the Idelic Program could see in their insurance outcomes would likely exceed their initial investment in the Idelic Program,” said Nick Bartel, Chief Executive Officer and Co-Founder Idelic. “We’re focused on a long-term partnership with fleets to help lower their overall risk profile through innovative technology solutions that increase their bottom lines. At every insurance policy renewal, we have the opportunity to help fleets benefit from their dedication to driver safety.
Source: Yahoo Finance
