New telematics and AI-based camera technology partnerships with Nexar and Netradyne, and enhanced machine learning capabilities allow Cover Whale to more precisely price policies and offer discounts to its safest driver-policyholders.
NEW YORK, April 13, 2023 /PRNewswire/ — Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing insurtech, announces the next phase of its Driver Safety Program, the company’s signature loss prevention initiative, proven to reduce the frequency and severity of claims and improve road safety for America’s truckers and motorists.
Strategic partnerships with telematics and dashcam providers Nexar, Netradyne, and Orion Fleet Intelligence, including its ongoing partnership with Waylens — combine to further strengthen its data collection and machine-learning capabilities. These enhancements continue to bolster the company’s ability to accurately price risk and offer discounts to its safest policyholders.
To helm the endeavor, Cover Whale recently welcomed Tony Beirne to its executive team as Chief Data Officer and Chief Actuary to up-level the company’s innovative and proprietary risk assessment approach. As a testament to the Driver Safety Program’s success, and to continue encouraging safe driving practices, Cover Whale now offers a Safe Driver Discount of up to 15% in support of its safest policyholders when they renew their auto liability policy.
Cover Whale’s unique Driver Safety Program is at the heart of the company’s achievements within the industry. It aims to make roads safer for America’s professional drivers and for those with whom they share the road. The program consists of three components that work together to help assess and address risk: cameras, coaching and coverage. The dashcams and associated telematics capture certain unsafe driving events, such as speeding, hard turning, and thousands of other data points, while providing important AI-driven situational context to the data.
Based on that data, Cover Whale also sends coaching communications to drivers to positively reinforce safe driving practices, reduce unsafe driving events and help them avoid claims in the future. Dashcam footage can also support claims settlement, including protecting and exonerating drivers in the event of an accident if they are not at fault. Most importantly, the data enables Cover Whale to offer the most competitive insurance rates in the trucking industry and keep drivers on the road earning, all while maintaining sub-60 loss ratios.
“Our Driver Safety Program and its integrated components have proven effective at improving the safe driving of our policyholders while enabling us to manage industry-leading loss ratios,” said Dan Abrahamsen, CEO of Cover Whale. “When it comes to road safety, we’ll never be satisfied. Making America’s roads safer is a never-ending pursuit for Cover Whale.”
Cover Whale’s CEO and members of its leadership team have been selected to speak on panels at upcoming industry conferences to discuss the Driver Safety Program and telematics in insurance. The company is presenting at the Reuters Insurance AI and Innovative Tech (April 12-13), Insurance Innovators (April 17-18) and Digital Insurance Summit (May 1-2).
About Cover Whale
Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Cover Whale’s unique Driver Safety Program combines coverage with telematics, dashcams and real-time driver coaching to reduce claims, keep drivers safe and save lives on America’s roads. Cover Whale delivers its product through more than 5,000 agents with the industry’s fastest, most agent-friendly online quoting experience. Maintaining excellent agent relationships has driven more than $400 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers may receive up to 15% off when renewing their auto liability policy. The company has been named one of America’s Best Startup Employers on Forbes’ 2023 list. For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.