Munich Re Introduces its Smart Mobility Program, Including LossDetect™ Tool, To Help Reduce Collisions for U.S. Auto Fleets
Munich Reinsurance America, Inc. has unveiled its Smart Mobility Program offering a toolbox of solutions to address the complex issues surrounding commercial auto losses and to help reduce or avoid the risk of collision for commercial fleets. Smart Mobility includes LossDetect™ (patent pending), an automated text-mining tool that analyzes automotive claims data and recommends potential solutions.
“Our Smart Mobility Program integrates technology and risk management solutions based on historical loss analysis to offer an innovative approach to the safety challenges faced by commercial fleet owners,” said Mike Scrudato, senior vice president, mobility, Munich Reinsurance America, Inc. “Our partnerships with leading edge companies in telematics and crash avoidance, in conjunction with our LossDetect tool, help us identify ways to increase safety and reduce collisions for fleet owners and their employees.” According to the National Safety Council, in 2017 there were over 40,000 people killed on U.S. roads.
Munich Reinsurance America’s LossDetect portal analyzes unstructured auto claims data to determine causes of loss and matches that with one or several of the Smart Mobility Program tailored solution(s) to assist in helping to reduce auto collisions:
- Collision Avoidance – Utilizes aftermarket collision avoidance products that are designed to warn of driving behaviors that could lead to an accident such as speeding, tailgating, lane departures, etc.
- Telematics – Captures vehicle performance and driver characteristics via an in-vehicle OBD device or a mobile app to offer operational insights (e.g., driver distraction) and savings via a reporting dashboard
- Driver Coaching – Customized training focused on improving individual driver safety
- Advanced Fleet Monitoring – Solutions that provide individual driver feedback and fleet assessment using advanced analytics to help monitor training and driver performance and benchmark against internal/external performance analytics
The Smart Mobility Program is available to insurance company and broker clients, public entities, and small to mid-size companies with commercial fleets. The LossDetect portal can be accessed by all commercial fleet owners as well as Munich Re America customers. Visit us here to learn more.
Munich Reinsurance America, Inc. was recently named a Celent Model Insurer in the data mastery and analytics category for its LossDetect tool. The Celent Model Insurer Program recognizes examples of best practices in technology usage in areas critical to success in insurance. Celent is a research, advisory and consulting firm focused on financial services technology.
About Munich Reinsurance America, Inc.
Munich Reinsurance America, Inc. is one of the largest reinsurers in the United States. We provide reinsurance coverages, specialty reinsurance, and risk management solutions to commercial and personal lines insurance carriers, agents and brokers, program administrators, and managing general agents. Our admitted and non-admitted insurance company affiliates also offer specialty insurance products. We provide insurance carriers with white label products to help protect against the devastating effects of natural catastrophes and emerging risks, while our Innovation Lab offers client solutions in a rapidly evolving technology risk landscape. We believe that by looking out for our clients’ best interests with innovative risk solutions we can help build more resilient communities and close insurance gaps.
Munich Reinsurance America, Inc., a subsidiary of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (“Munich Re”), earns high ratings for financial strength from A.M. Best Company. We serve our clients from our Princeton, New Jersey campus and regional offices throughout the United States. For additional information visit www.munichreamerica.com.
The Munich Re Group (the “Group”) stands for exceptional solution-based expertise, consistent risk management, financial stability, and client proximity. The Group operates in all lines of re/insurance with employees throughout the world and is one of the world’s leading reinsurers. Additional information can be found at www.munichre.com.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.