Milliman, Inc., a global consulting and actuarial firm, announced that its Milliman AccuRate Fleet telematics risk scores have received regulatory approval in 40 states across the United States. This development represents an advancement in integrating telematics data into fleet insurance underwriting and risk management practices.
The AccuRate Fleet solution provides a usage-based insurance score designed to enhance the accuracy of pricing for fleet exposure and driving behavior risk. Following 20 days of driving activity, AccuRate Fleet generates a risk score ranging from zero to 1000, akin to a credit score. The scoring model is built upon insights from over one billion miles of commercial auto driving data. Insurers can leverage these telematics risk scores for real-time underwriting, customer segmentation and retention strategies, and comprehensive risk management. Crucially, the scores are filed through Milliman Appleseed, providing insurers with access to pre-filed scores that have secured regulatory approval in 80% of the U.S. market.
Peggy Brinkmann, Principal and Consulting Actuary at Milliman, commented on the development: “We are pleased to receive approval in 40 states for our AccuRate Fleet telematics risk scores. This approval demonstrates the reliability and effectiveness of our telematics solutions in transforming fleet insurance underwriting. Our technology supports insurers in better understanding and managing risk, while also recognizing fleet operators who prioritize safe driving practices.”
The AccuRate Fleet platform also offers tools for fleet managers, enabling them to make informed decisions that can lead to improved safety and operational efficiency, and potentially reduce insurance expenses. The platform includes detailed analytics and reporting capabilities, offering insights into driver performance, facilitating the identification of areas for improvement, and supporting the implementation of targeted training programs.
Founded in 1947, Milliman is an independent firm with offices worldwide, providing consulting and actuarial services across various sectors, including insurance, financial services, healthcare, life sciences, and employee benefits.
