Valen Technologies and FleetRisk Advisors Partner to Help Commercial Fleet Owners Reduce Losses
DENVER--Oct. 4, 2004--| Predictive Technology Analyzes Fleet Safety Hazards and Reduces Claim-Causing Accidents |
Valen Technologies, a provider of predictive modeling and decision enabling software for the insurance industry, today announced a partnership with FleetRisk Advisors, LLC, a provider of risk management and loss control services to the fleet transportation industry. Under the agreement, Valen's technology will be used by FleetRisk Advisors to power a new service that gives owners of commercial vehicle fleets a clear picture of their safety environment that helps reduce accidents and insurance claims.
Valen's technology is based on a suite of proprietary algorithms that builds sophisticated models based on thousands of interacting risk factors to produce policy risk and pricing recommendations. Insurance underwriters currently use Valen's software applications to make risk assessments and policy decisions. FleetRisk Advisors will also use Valen's 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 global positioning satellite (GPS) technology to provide location information.
"Over the last few years, commercial vehicle fleets have struggled with increasing insurance rates," said Sam Wilkes, CEO of FleetRisk Advisors. "Valen provides us with the best available analytic solution for understanding behavior that affects losses. The primary causes of loss in the transportation industry are fatigue, aggressive driving and theft/fraud. Each of these loss causes has a "risk signature" which can be derived analytically from the data collected. By patterning high risk behavior and taking proactive steps to reduce these exposures, Fleet Risk helps our clients improve safety and increase operational efficiency."
To leverage the service, commercial vehicle fleets go through a detailed analysis of driver records and accident history. Once the Valen engine has completed the analytic investigation, FleetRisk Advisors delivers a comprehensive program to reduce loss costs and increase safety standards. Usually, these recommendations 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."
Consultative fleet risk services leveraging Valen's technology are now available from FleetRisk Advisors. For more information on Valen's technology, please visit www.valentech.com.
About Valen Technologies
Founded in 2002, Denver-based Valen Technologies develops decision enabling software that helps companies make better core business decisions. Insurance carriers can use Valen's software to improve day-to-day decision making processes, procedures and operations to improve profitability. Valen Technologies' software has been tested and proven by major insurance carriers to reduce loss ratios by as much as twelve points. Valen Technologies can be reached on the Web at www.valentech.com.
About FleetRisk Advisors, LLC
FleetRisk Advisors is a pioneer in the emerging field of Knowledge Driven Risk Management Services. These services build upon traditional risk management techniques by incorporating extensive relational database technology, advanced in-vehicle monitoring systems, and sophisticated analytics to help fleet owners identify specific causes of loss, implement effective countermeasures, and monitor the performance of both safety and operational efficiency programs. When accidents or loss events do occur, FleetRisk provides optional "event management" services for claim reporting and litigation support. FleetRisk Advisors can be reached on the Web at www.fleetriskadvisors.com.