(Image credit: Zetong Li/Unsplash.)
Cover Whale Insurance Solutions, Inc., a New York-based InsurTech MGA focused on commercial auto, announced the next phase of its Driver Safety Program, the company’s signature loss prevention initiative, which reduces the frequency and severity of claims and improve road safety for truckers and motorists in the U.S.
Cover Whale reports that it has added strategic partnerships with telematics and dash cam providers Nexar, Netradyne, and Orion Fleet Intelligence, including its ongoing partnership with Waylens, to further strengthen its data collection and machine-learning capabilities. The company says these enhancements improve the company’s ability to accurately price risk and offer discounts to its safest policyholders.
Cover Whale has brought Tony Beirne to its executive team as Chief Data Officer and Chief Actuary to enhance the company’s proprietary risk assessment approach. Cover Whale now offers a Safe Driver Discount of up to 15 percent in support of its safest policyholders when they renew their auto liability policy.
Cameras, Coaching and Coverage
Cover Whale’s Driver Safety Program aims to make roads safer for America’s professional drivers and for those with whom they share the road. The program consists of three components that work together to help assess and address risk: cameras, coaching and coverage. The dashcams and associated telematics capture certain unsafe driving events, such as speeding, hard turning, and thousands of other data points, while providing important AI-driven situational context to the data.
Based on that data, Cover Whale also sends coaching communications to drivers to positively reinforce safe driving practices, reduce unsafe driving events and help them avoid claims in the future. Dash cam footage can also support claims settlement, including protecting and exonerating drivers in the event of an accident if they are not at fault. Cover Whale says the data enables the company to offer the most competitive insurance rates in the trucking industry and keep drivers on the road earning, while maintaining sub-60 loss ratios.
“Our Driver Safety Program and its integrated components have proven effective at improving the safe driving of our policyholders while enabling us to manage industry-leading loss ratios,” comments Dan Abrahamsen, CEO of Cover Whale. “When it comes to road safety, we’ll never be satisfied. Making America’s roads safer is a never-ending pursuit for Cover Whale.”