HDVI Selects Akur8 to Support Development of Telematics-Based Insurance Models
(Image source: HDVI homepage.)
High Definition Vehicle Insurance (HDVI, Chicago), a technology-focused commercial auto insurance agency, has selected Akur8’s modular pricing platform to accelerate its advanced risk model development. The contract represents Paris-based Akur8’s continued growth within the U.S. commercial auto insurance marketplace.
“As a data-driven company, HDVI continues to invest in tools that leverage our proprietary big data sets and telematics data to develop industry-leading insights and risk models,” comments Todd Witte, chief of insurance product and pricing, HDVI. “The Akur8 platform enables greater collaboration across our growing team. By eliminating the coding language barrier and providing increased transparency, it will reduce errors and allow us to more quickly develop additional models that can be incorporated into our insurance product and safety solutions.”
Akur8’s insurance-specific solution enhances pricing processes by using proprietary machine-learning technology, according to the vendor. Benefits that the solution provides for the commercial insurance marketplace include accelerated model building, transparent GLM outputs, and data-driven underwriting, according to a joint statement from the two companies.
“We are excited to support HDVI, a modern leader that is revolutionizing commercial auto insurance, and to empower them with our state-of-the-art risk and rate modeling platform,” comments Samuel Falmagne, CEO, Akur8. “This partnership also demonstrates the relevance and attractiveness of Akur8’s solution for insurance providers within this market.”
HDVI is an InsurTech agency in the commercial auto industry, distributing policies underwritten by Spinnaker Insurance (Bedminster, N.J.). In 2021, the company launched its proprietary product HDVI Shift. Using HDVI’s proprietary dataset, coupled with its core telematics model, it uses onboard telematics data to inform real-time risk models. With HDVI Shift, fleets can save up to 12 percent on their monthly premium based on real-time driver safety, according to the joint statement. HDVI says it is the only commercial auto company that offers an insurance rate that can change monthly in response to improved fleet safety.
Powerful Pricing Solution
“This new partnership with such a pioneering and dynamic commercial trucking insurer demonstrates that Akur8 is a powerful pricing solution for all types of insurance companies across all lines of business,” says Brune de Linares, chief client officer, Akur8.
Akur8 says its platform requires no coding, reducing data preparation and modeling time, streamlining the process, and accelerating market time while ensuring full transparency and control of the models created.
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