Date: Jun 13, 2018 Location: Wayne, PA
Xemplar Insights taps SpeedGauge for precision driving speed monitoring and analysis
Innovative speed limit analytics enable insurance carriers and their policyholders to reduce both collision frequency and severity through a better understanding of speeding risk
Xemplar Insights LLC, a provider of innovative insurance risk management and customer engagement solutions, has partnered with SpeedGauge Inc., an international leader in driver safety and performance solutions, to offer auto insurance carriers data-backed risk reduction services that help identify and eliminate speeding among their policyholders.
According to the National Highway Traffic Safety Administration, speeding is a causal factor in nearly 40% of all fatal vehicle collisions. The US Bureau of Labor Statistics adds that vehicle collisions are the leading cause of work-related fatalities. The driving risk management service from Xemplar/SpeedGauge aims to counter the impact of speeding on vehicle collision frequency and severity.
The solution uses driving data from Xemplar’s smartphone-based risk management platform and SpeedGauge’s proprietary speed assessment analytics, comparing actual driving speeds to posted speed limits. The risk reduction solution identifies when and where excessive speed incidents occur, measures and monitors speeding trends, and provides an opportunity to coach drivers to improve safe-driving performance, thereby reducing speeding incidents and lowering overall driving risk.
SriKrishna (SK) Tirumala, CEO & Co-Founder of Xemplar Insights, commented, “Both companies share a similar mission to help insurers obtain greater transparency on the risks they have insured. We saw a potential to deliver immense value by working together to create unique products and services centered on understanding and changing speeding behavior. Xemplar products already leverage some of SpeedGauge's web services, and we plan to explore more avenues this year to support each other.”
SpeedGauge CEO Jonathan Hubbard noted, “Through our work with thousands of fleet clients, SpeedGauge has proven that measuring, analyzing and coaching vehicle speed against posted limits reinforces safe driving behavior, producing tangible benefits across the organization."
“Knowing where an insured stands in relation to driving speed habits versus posted speed limits, as compared to similar policyholders within a geographic area, can provide an insurer with a much more accurate picture of underwriting risk, and give the vehicle owner useful information to change behavior and reduce that risk,” Hubbard added.
About Xemplar Insights
Xemplar Insights, LLC is a wholly owned subsidiary of Prime Technology Group. Xemplar solutions are designed to provide simple yet powerful features - to curb unsafe driving habits and offer auto insurers with new data to analyze the health of the book and to predict losses with real evidence of risks taken by the insured. Our solutions are highly configurable and customizable to suit every Insurance carrier’s appetite and objectives. It is economically priced to deliver high-value at low cost. With teams located in the United States and India, Xemplar solutions can support any global Insurer to transform how they manage risk in the Auto line of business. For more information, visit us at www.xemplarinsights.com.
SpeedGauge is a driver safety and performance company, providing software solutions that help fleets manage and control vehicle speed - the number one factor affecting safety and fuel economy. Designed and engineered for simplicity, SpeedGauge products and services monitor select driver behaviors that have the most significant impact on safety and the overall cost of operations. The company's flagship service, the SpeedGauge Safety Center, is delivered in partnership with leading vehicle-tracking companies across the globe, with reports provided on hundreds of thousands of vehicles every day. For more information, visit www.SpeedGauge.net.
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