Valen Technologies, Denver, Colo., announced a partnership with FleetRisk Advisors
, LLC, a provider of risk management and loss control services to the transportation industry.
FleetRisk Advisors will use Valen technology to power a new service intended to reduce accidents, insurance claims and ultimately premiums for commercial fleets.
Valen Technologies provides predictive modeling and decision-enabling software for the insurance industry. Valen's proprietary algorithms analyze thousands of interacting risk factors to produce policy risk and pricing recommendations. Insurance underwriters use Valen applications to make risk assessments and policy decisions.
FleetRisk Advisors will use Valen technology to analyze driver and vehicle data collected by onboard telematics systems to determine high risk situations and reduce claim-causing accidents. Telematics systems are computing devices installed in vehicles that use GPS to provide location information.
To use the service, commercial vehicle fleets will analyze driver records and accident history. When the Valen engine has completed the analytic investigation, FleetRisk Advisors will deliver a comprehensive program to reduce loss costs and increase safety standards. Recommendations usually include installing a telematics system to collect vehicle data and monitor driver performance such as route taken, speed, time, temperature, and tire pressure.
Valen’s algorithms analyze the information coming out of the telematics systems, searching for correlations and patterns that become predictive risk signatures. FleetRisk Advisors can then provide fleet owners/managers with a consultative view of the level of risk present in its daily driving operations and make recommendations for corrective actions.
“In every industry, high risk situations are a ubiquitous factor that can significantly impact operating costs,” said Dax Craig, CEO of Valen Technologies. “By partnering with FleetRisk Advisors, we are doing more than just expanding our customer base. We are, for the first time, giving commercial vehicle fleets the ability to truly understand and manage risk. This partnership provides a winning situation for all parties involved - fleet owners lower loss costs and insurance carriers reduce claims.”
For more information, visit www.valentech.com.