Valen Technologies and FleetRisk Advisors Partner
to Help Commercial Fleets Reduce Losses
Valen Technologies, a provider of predictive modeling and decision enabling software for the insurance industry, announced on October 4 a partnership with FleetRisk Advisors, LLC, a provider of risk management and loss control services to the fleet transportation industry.
Under the agreement, Valen's technology will be used by FleetRisk Advisors to power a service that gives owners of commercial vehicle fleets a clear picture of their safety environment that helps reduce accidents and insurance claims.
Valen's technology is based on a suite of proprietary algorithms that builds sophisticated models based on thousands of interacting risk factors to produce policy risk and pricing recommendations. Insurance underwriters currently use Valen's software applications to make risk assessments and policy decisions. FleetRisk Advisors will also use Valen's technology to analyze driver and vehicle data collected by onboard telematics systems to determine high risk situations and reduce claim-causing accidents. Telematics systems are computing devices installed in vehicles that use global positioning satellite (GPS) technology to provide location information.
To leverage the service, commercial vehicle fleets go through a detailed analysis of driver records and accident history. Once the Valen engine has completed the analytic investigation, FleetRisk Advisors delivers a comprehensive program to reduce loss costs and increase safety standards. Usually, these recommendations include installing a telematics system to collect vehicle data and monitor driver performance such as route taken, speed, time, temperature, and tire pressure. Valen's algorithms analyze the information coming out of the telematics systems, searching for correlations and patterns that become predictive risk signatures. FleetRisk Advisors can then provide a consultative view of the level of risk present in its daily driving operations and make recommendations for corrective actions.