Underwriting commercial auto business is a complex issue
Underwriting commercial auto profitably has become more complex due to a number of factors. As a result of the strong economy, trends have indicated a rise in claim frequency due to more vehicles on the road, more miles driven, an increase in distracted drivers, and a truck driver shortage.
In a 2018 year-end review, commercial insurers also report that this increase in claim frequency and severity are among their most pressing concerns. Adverse loss frequency in addition to large verdict and settlement awards continue to plague the commercial auto sector1.
Commercial fleets are looking for answers
LossDetect - the solution
Pilot programs - LossDetect results in action
Recognition and next steps
Since its market inception, Smart Mobility’s LossDetect tool has already made headlines. The innovative software was awarded gold medals at both the 2018 EFMA-Accenture Innovation in Insurance Awards and the 2018 Celent Model Insurer Awards. Munich Re isn’t going to stop there. LossDetect is currently being updated on a quarterly basis to fine-tune product recommendations and the causes of loss. Ultimately, Munich Re plans to offer Smart Mobility, inclusive of LossDetect, on a white label basis.
Smart Mobility was developed to help make the future of mobility safer for everyone. Start your LossDetect mitigation analysis at https://lossdetect.smartmobilitysafety.com/munichre.
For further details on Smart Mobility’s loss control services, please contact https://www.munichre.com/us-non-life/en/solutions/innovative/smart-mobility.html
1Conning Insurance Segment Report – Commercial Auto, Year-End 2018.