Online driver training provider eDriving and Munich Reinsurance America Inc. have launched a driver risk reduction program for companies with commercial fleets.
According to a statement issued Tuesday by Oakland, California-based eDriving, eDriving warranties organizations will reduce the number of collisions by at least 20% percent in the first program year or the program fees will be refunded. The risk reduction program includes eDriving’s Mentor program and Princeton, New Jersey-based Munich Re’s Smart Mobility program.
The new smartphone-based telematics program, Mentor by eDriving, combines a client’s collision, motor vehicle report and telematics data with behavioral science and advanced, interactive microtraining to help identify and remediate risky drivers and behaviors.
Among other things, Mentor’s approach delivers a solution via smartphone that captures harsh acceleration, braking, cornering, speeding and cellphone distractions; and provides weekly dashboards and scorecards to drivers and managers to monitor driver progress, focusing their attention and targeted interventions on the riskiest drivers in any given week or month.
Munich Re’s LossDetect product, an automated text-mining tool that analyzes automotive claims data and recommends potential solutions to further assist in reducing auto collisions, is included in the Mentor warranty package.
Munich Reinsurance Co. is looking to partner with the alternative capital markets to provide capacity for covering cyber risks, Artemis.bm reports. Torsten Jeworrek, board member for reinsurance at Munich Re, said that cyber risks are one of the biggest threats to the networked economy and even large reinsurers do not have sufficient capacity to absorb the risks. Stefan Golling, Munich Re's head of corporate underwriting, said that the capital markets could provide additional capacity and help insurers and reinsurers to adequately assess and price the risk.