Concirrus Case Studies Increased visibility of automotive risk results in business growth

	Increased visibility of automotive risk results in business growth Concirrus

Increased visibility of automotive risk results in business growth

Concirrus

Technology Category	Sensors - Autonomous Driving Sensors
Applicable Industries	Automotive Finance & Insurance
Use Cases	Supply Chain Visibility Usage-Based Insurance
Challenge	Acorn Insurance, operating in a highly competitive market, was grappling with continuously squeezed margins. The company was in search of a method to enhance their current premium pricing techniques to deliver fair pricing for traditionally high-risk clients. One of their clients, rentE, an on-demand car hire service, was categorized as high-risk by insurers and was thus restricted by high insurance premiums. Given rentE’s innovative business model, it was clear that more accurate risk insights were needed to obtain a fair premium. Read More
About Customer	Acorn Insurance is a company that operates in a highly competitive insurance market. They were facing challenges with their premium pricing techniques, particularly for high-risk clients. One of their clients, rentE, is an on-demand car hire service that was traditionally categorized as high-risk by insurers. This categorization resulted in high insurance premiums for rentE, which was restrictive for their innovative business model. Acorn Insurance was seeking a solution that would allow them to offer fair and competitive premiums to rentE and other high-risk clients. Read More
Customer Name	Acorn Insurance Read More
Solution	The solution came in the form of the Quest Automotive Commercial platform. This platform was used to capture and analyze dash cam and telematics data. The analysis provided detailed insights into rentE client driving behavior. This enabled Acorn Insurance to price a premium that was fair, competitive, and reflected the true level of risk within the fleet. By leveraging IoT technology, Acorn Insurance was able to gain a deeper understanding of the risk factors associated with each driver and vehicle in the fleet, allowing them to adjust their pricing model accordingly. Read More Log in to view content
Contents

Technology Category

Sensors - Autonomous Driving Sensors

Applicable Industries

Automotive

Finance & Insurance

Use Cases

Supply Chain Visibility

Usage-Based Insurance

Challenge

Acorn Insurance, operating in a highly competitive market, was grappling with continuously squeezed margins. The company was in search of a method to enhance their current premium pricing techniques to deliver fair pricing for traditionally high-risk clients. One of their clients, rentE, an on-demand car hire service, was categorized as high-risk by insurers and was thus restricted by high insurance premiums. Given rentE’s innovative business model, it was clear that more accurate risk insights were needed to obtain a fair premium.

About Customer

Acorn Insurance is a company that operates in a highly competitive insurance market. They were facing challenges with their premium pricing techniques, particularly for high-risk clients. One of their clients, rentE, is an on-demand car hire service that was traditionally categorized as high-risk by insurers. This categorization resulted in high insurance premiums for rentE, which was restrictive for their innovative business model. Acorn Insurance was seeking a solution that would allow them to offer fair and competitive premiums to rentE and other high-risk clients.

Customer Name

Acorn Insurance

Solution

The solution came in the form of the Quest Automotive Commercial platform. This platform was used to capture and analyze dash cam and telematics data. The analysis provided detailed insights into rentE client driving behavior. This enabled Acorn Insurance to price a premium that was fair, competitive, and reflected the true level of risk within the fleet. By leveraging IoT technology, Acorn Insurance was able to gain a deeper understanding of the risk factors associated with each driver and vehicle in the fleet, allowing them to adjust their pricing model accordingly.

Impact #1	The implementation of the Quest Automotive Commercial platform resulted in a significant improvement in Acorn Insurance's ability to assess risk and price their premiums. By capturing and analyzing dash cam and telematics data, they were able to gain detailed insights into the driving behavior of rentE's clients. This allowed them to price premiums that were fair, competitive, and accurately reflected the level of risk within the fleet. The solution not only enhanced Acorn Insurance's premium pricing techniques but also enabled them to better serve high-risk clients like rentE. The increased visibility of automotive risk also potentially opened up opportunities for business growth.

Impact #1

The implementation of the Quest Automotive Commercial platform resulted in a significant improvement in Acorn Insurance's ability to assess risk and price their premiums. By capturing and analyzing dash cam and telematics data, they were able to gain detailed insights into the driving behavior of rentE's clients. This allowed them to price premiums that were fair, competitive, and accurately reflected the level of risk within the fleet. The solution not only enhanced Acorn Insurance's premium pricing techniques but also enabled them to better serve high-risk clients like rentE. The increased visibility of automotive risk also potentially opened up opportunities for business growth.

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Overview

Increased visibility of automotive risk results in business growth

Operational Impact