CARFAX and TNEDICCA Partner to Create Advanced Location Score that Improves Auto Insurance Pricing Accuracy – InsuranceNewsNet

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TNEDICCA’s proprietary location exposure technology combined with CARFAX’s unique vehicle history data is significantly more predictable than credit scores

Columbus, Ohio And Centerville, Va.–(BUSINESS WIRE)–
tenediccaExperts in traffic crash data and location risk analysis and CARFAX, a leader in vehicle history data, has agreed to an exclusive partnership to develop a new insurance risk score. TNEDICCA has developed a proprietary crash database of over 30 million crashes geocoded for the exact location of each crash, comprising 94% of crashes. We auto premium. By using a crash database to measure the risk of nearby roadways and adjusting for proximity based on CARFAX’s vehicle mileage data, the Advanced Location Score is 50% more predictable than credit-based insurance scoring.

“The more you drive on risky roads, the greater the chance of having an accident that leads to insurance claims,” ​​said TNEDICCA co-founder and CEO Yeim Sunabhanich. “Guided by our research on accidents and customer feedback, we have turned this fundamental insight into algorithms that enable auto insurers to further refine risk segmentation and reap pricing benefits.”

Enhanced Location Score is available for both commercial and personal insurance. The score is available through Application Programming Interface (API) at the time of bidding and is filed with the regulators across the state We

“We are pleased to partner with TNEDICCA on this solution, which will provide a powerful dynamic data input that strengthens the current method for risk location assessment,” said Dan HillNational Sales Director at CARFAX. “Our collaboration with TNEDICCA will drive innovations enabling more accurate and fair scoring in the future.”

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About Carfax

CARFAX, part of S&P Global Mobility, helps millions of people shop, buy, service and sell used cars every day with innovative solutions powered by CARFAX vehicle history information. Specializing in vehicle history since 1984, CARFAX CARFAX provides specialized services such as Used Car Listing, Carfax Car CareCARFAX History-Based Prices and Major CARFAX Vehicle History Report™ to consumers and the automotive industry. CARFAX owns the world’s largest vehicle history database and is nationally recognized as a top workplace Washington Post and Glassdoor.com. Shop, Buy, Serve, Sell – Show me CARFAX™.

TNEDICCA. about

Established and headquartered in 2015 Columbus, OhioTNEDICCA’s mission is to reduce future traffic accidents through better use of data and analytics. TNEDICCA has created the most comprehensive accident location database of over 30 million accidents, covering 94% of them We auto insurance market. The company provides solutions to the auto insurance, navigation service, automotive manufacturing and transportation planning industries. The company offers telematics and non-telematics risk scores that are empirically proven to increase pricing accuracy and better risk selection. Connect with TNEDICCA on LinkedIn and Facebook. Go to www.tnedicca.com.

All trademarks are recognized.

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Tracy Wemett
BroadPR

+1-617-868-5031

[email protected]

Source: TNEDICCA