Acculitx is betting that its technology also offers benefits for the emerging usage-based insurance market – where drivers are charged for insurance only when they are on the road.
Acculitx provides software that assesses driver risk to the usage based insurance (UBI) markets and fleet safety. Specifically, Accultix analyses data from in-vehicle telematics devices to create an individualised driver risk score (similar to the FICO credit score for consumer financing.) This allows commercial fleet insurers to more accurately price and select risk.
Interestingly, Acculitx is focused on the commercial truck fleet market, where insurance companies are using data to better understand the risk associated with the fleets they cover. Accultix is working with insurers to redefine usage-based insurance to create a more relevant identification of driver behaviour and risk called RBI – Risk Based Insurance. The key differentiator of Acculitx’s scoring is in using continuous vehicle motion data to generate a relevant predictor for driver risk with very strong correlation to actuarial data. As the score is not ‘event’ based, it results in being a more comprehensive and accurate identifier of driver risk.
Essentially, Acculitx is betting that its technology will also compliment the emerging usage-based insurance market – where drivers are charged for insurance only when they are on the road. According to Alan Mann, president of Acculitx: “Our solution goes well beyond UBI in its sophistication and risk identification. Our goal is not to become a UBI company, but to move UBI to a more relevant identification of risk.”
Recently, Acculitx secured $1 million in Series A funding from 9411 Associates LLC with which it plans to advance the current fleet safety and UBI market with an even more accurate measurement of risk at a lower cost.
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