Accenga

Last week we participated in a fun and informal funding competition " #UnicornBattle" Silicon Valley and we faired reasonably well. There were 12 or so very interesting startup, we finish 4th, next time we will be first! #ProcessAutomation #ActiveRiskDataManagementSoftware #saas #Insurance #MGA #Captive ....

"Automating data processes is essential for effectively managing risk across all stakeholders, ensuring consistency, accountability, and proactive decision-making."

Can you do effective #riskdatamanagement in #trucking and #insurance without software automations. Process automation is crucial to change outcomes at scale. #transportation #MGAs #Captive #CaptiveInsurance #MGU #activeriskdatamanagement

#Manual vs #Software to manage over-the-road risk actively. Most companies do process management manually rather than leveraging software solutions and the results are bad for both #Transportation and #insurance companies. Can you do better? #trucking, #MGAs #riskmanagement #activeriskmanagement #insuretech #processautomation, results driven.

Even with access to resources transportation companies cannot manage all levels of risk and over-the-road risks in particular neither can #insurance companies do it. It is hard or impossible to handle the frequency/volume of #data #datatypes for these organizations based on current practices leaving them exposed. Accenga offers an answer! #trucking #commercialauto #buses #localdelivery #MGAs #captive #Captiveinsurance #carrier #riskmanagement #activeriskmanagement

#Overtheroad risks have to be managed 100% of the time to prevent #nuclear #verdicts. #transportation #trucking #insurance #riskmanagement #activeriskdatamanagement #lawyer #automation #MGA #captive #buses #accidents #telematics #TSPs

Always changing nature of #risk for #commercialauto. Can #insurance #companies keep up? #trucking #insuretech #lossratio #transportation #ActiveRiskManagement

#Accidents a #Driver #problem or #System one! #tucking #transportation #riskdatamanagement #insurance #captives #risk #management

The choice is simple reduce your #accidents’ #frequency or pay more for #insurance! According to an #InsuranceJournal article from July 15, 2024 “Commercial Auto Insurance Profit Struggles Continue”, clearly an optimistic title, a reason why the costs of insurance is increasing for transportation companies (#trucking #buse #van #lightduty #shuttle) is “the inherent uncertainty in estimating loss costs”.?#Insurance companies have had problems forecasting the costs to resolve claims, they have in many cases underfunded reserves requirements. Another way to think about it is #litigation costs have significantly increased as well as #repaircosts and not enough cash was set aside to pay for these increased costs.?So today insurance companies are trying to correct this situation leading to continued premium increases. The conventional wisdom for anybody having to deal with losses is to settle a claim as rapidly as possible so that claim costs do not escalate in terms of time to settle and go through the legal system.?The settlement amount calculation for the parties is that the number has to be high enough to lead to a settlement but “low” enough so has to make today’s settlement offer worthwhile. At #Accenga we believe that the best way to manage loss costs is by: a)?????reducing the number or frequency of accidents/losses or avoiding losses b)????building a scalable risk data management system to make you defensible Accenga’s software monitors operational risk data 24x7x365, actively look for problems in the data and automatically take proactive actions to address the problem before it becomes a loss.?Our Active Risk Management Software identify problems, takes actions addressing said problems, these actions are recorded, resolved, and accountability is clear and traceable. Our data show, and not only our data, but our clients’ compliance / SMS data show that using Accenga’s software will reduce the number of incidents and accidents and reduce the loss cost up to sevenfold. Check #Hylant #insurance #commercialauto forecast for the 2nd half of 2024 that is still relevant today. Tell us what you do to reduce your loss costs in the comments or by messaging us at [email protected]. Thanks!

Avoid #repair and #legal costs associated with #accidents. Focus on reducing the #frequency of #accidents rather than assuming that #insurance companies can afford to pay all the costs associated with #losses.