Rockingham Insurance Leverages TNEDICCA for Highly Accurate Risk Assessment and Improved Auto Insurance Rates
Powered by Carfax®, TNEDICCA’s Enhanced Location Risk Score utilizes most comprehensive US crash database for improved auto insurance pricing, segmentation
COLUMBUS, Ohio and HARRISONBURG, Va. — May 9, 2023 — TNEDICCA®, the leader in traffic crash data and location risk analytics, announced Rockingham Insurance has selected its Enhanced Location Risk Score, powered by Carfax®, for use in its auto rating plan. TNEDICCA’s Enhanced Location Risk Score is derived from a proprietary crash database of more than 30 million crashes in the U.S., based on police reports and geolocated to the precise crash location and enhanced with verified vehicle data from Carfax. Using better data proven to be 50% more predictive of risk than credit score, this combined solution offers customers a better quote process and pricing while improving the bottom line for the insurer.
“We found the Enhanced Location Risk Score to be extremely predictive and a cost-effective solution to incorporate into our new rating plan,” said Ryan O’Donnell, Personal Lines Product Manager at Rockingham Insurance. “TNEDICCA is a great fit for our ‘Better Pricing, Customized Rate Plan’ approach. By leveraging many validated data sources, we can offer more competitive pricing and a streamlined customer quote experience.”
With more drivers on the road and combined loss ratios on the rise, to improve their bottom line, auto insurers need to monitor where crashes occur and dynamically incorporate crash location data into their rating territories beyond just the loss history on garaging locations. TNEDICCA’s Enhanced Location Rick Scores represent a more comprehensive view of industry claim losses across geography.
“Leveraging the pricing power of external validated data sources can be a key differentiator for insurers in a difficult market,” said Yiem Sunbhanich, co-founder and CEO of TNEDICCA. “Our unique solution helps our carrier clients stay ahead in the risk segmentation competition and build a stronger book of auto insurance business for long-term growth.”
About Rockingham Insurance
Rockingham Insurance is a property & casualty insurance company providing coverage for homes, autos, farms, and rental properties. Rockingham Insurance includes; Rockingham Insurance Company, Rockingham Casualty Company, Rockingham Mutual Service Agency, and Rockingham Specialty, Inc. Headquartered in Harrisonburg, Virginia, Rockingham Insurance is eligible to write business in all fifty states. For over 150 years, Rockingham has been insuring the people and companies that make our community grow and thrive. Rockingham holds an “A-” Excellent rating with A.M. Best Company, an assessor of insurance companies’ financial and management stability. Visit https://rockingham.insure for more information.
Founded in 2015 and headquartered in Columbus, Ohio, TNEDICCA’s mission is to reduce future traffic accidents through the better use of data and analytics. TNEDICCA has built the most comprehensive accident location database of more than 30 million crashes covering 94% of the U.S. auto insurance market. The company provides solutions to auto insurance, navigation service, automotive manufacturing, and transportation planning industries. The company provides telematics and non-telematics risk scores that are empirically proven to enhance pricing precision and better risk selection. Connect with TNEDICCA on LinkedIn and Facebook. Visit www.tnedicca.com.
BroadPR for TNEDICCA
All trademarks recognized.