(Acculitx aims to serve the huge market of cars not yet participating in UBI. Image credit: Dollar Photo Club.)
Acculitx, a San Diego-based provider of analytics solutions for usage-based insurance (UBI) and creator of the accuscore solution, has secured $1 million in Series A funding from 9411 Associates LLC (San Diego). The funding announcement follows the vendor’s rebranding from Fleet Matrix.
“We provide world-class expertise for identification of driver risk to the fleet safety and UBI markets,” comments Alan Mann, president, Acculitx. “Our solution goes well beyond UBI in its sophistication and risk identification. Our goal is not to become a UBI company, but to move UBI to a more relevant identification of risk.”
“Fair Isaac provides a comprehensive FICO score for credit rating,” Mann adds. “Similarly, we provide a comprehensive score for driver behavior and risk.”
Acculitx’s accuscore driver scoring engine creates a multi-dimensional score that accurately ranks a driver on aggressiveness, distraction, general driving tendencies and specific risky events, according to the vendor. The score may be provided to telematics service providers (TSP’s), which can create their desired user interface applying accuscore. Acculitx says it has an open platform for data collection from any telematics device.
Acculitx reports that it is currently focused on its helping members of its alliance partner network integrate accuscore with their specific devices and service. The vendor aims to advance the fleet safety and UBI market with a more meaningful measurement of risk at a lower cost.
Paradigm Shift to Telematics/UBI
Peter Ellegaard, Acculitx CEO, explains the former Fleet Metrix’s direction on the opportunity presented by the expanding telematics-driven UBI market. An Acculitx statement notes that four million personal vehicles are enrolled in usage-based insurance in the U.S., leaving 180 million personal vehicles without telematics. Nine million commercial vehicles have adopted a telematics solution, leaving 56 million commercial vehicles unconnected. The vendor says that Accuscore will support the existing telematics markets, and enable a greater mass adoption in the untapped telematics/UBI market.
“With the paradigm shift created by the UBI programs, we embarked on the perfect telematics scoring solution universally applicable to insurance risk underwriters and self-insured fleets,” Ellegaard comments.