Azuga announced they have extended their investment in the insurtech space by combining forces with Mobikit, an insurance data science and analytics company based in Columbus, Ohio. The acquisition delivers a new SaaS platform to accelerate the benefits and insights telematics, AI, video, and vehicle data offers carriers, MGAs, brokers, and other insurance providers.
Insurance companies spend millions of dollars annually processing claims and writing policies to automotive fleets, Azuga wrote in a March press release. Reducing the number of claims received would lower the cost of doing business. In part, the ability to reduce the number of claims depends on an insurance company’s ability to accurately assess the risk of the fleets they insure. Making a correct assessment depends on the ability of the insurance company to track data such as how fast fleet drivers are traveling, braking, accelerating, and more. Historically, data exchanges have not solved these challenges, but Azuga and Mobikit will now be able to provide a multi-end point platform with data harmonization that resolves gaps in the exchange model.
While Azuga’s fleet telematics solution captures this data already, Mobikit’s data engineering and analytics technology expands Azuga’s data set further by seamlessly integrating Azuga’s driver performance data with Mobikit’s machine learning algorithm to provide insurance carriers with insights not before available. Insurance carriers can improve their commercial auto telematics programs with little to no technical investment and enable insurers to onboard fleets at a pace that works for them. With this platform, insurance providers are in control by integrating data from disparate data sources, including fleet telematics providers and automotive OEM telematics data feeds. This enables automated workflows that provide immediate value across loss control, claims, underwriting, brokers, agents, and MGAs.
“Azuga is delivering consistent reduction in loss ratios for our commercial insurance customers,” said Ananth Rani, CEO of Azuga. “By providing enhanced data analysis capabilities and harmonizing data from disparate data sources, insurance carriers can identify even more opportunities for reducing risk and pricing premiums more effectively. Our mutual customers are using Mobikit already and believe the team and technology can dramatically improve our data analytics solutions to continue to deliver insurtech at scale”