InsurTech News

CARFAX and TNEDICCA Partner to Create Enhanced Location Score that Improves Auto Insurance Pricing Accuracy

CARFAX and TNEDICCA Partner to Create Enhanced Location Score that Improves Auto Insurance Pricing Accuracy
TNEDICCA’s proprietary location risk technology combined with CARFAX’s unique vehicle history data is significantly more predictive than credit score

TNEDICCA, the expert in traffic crash data and location risk analytics, and CARFAX, the leader in vehicle history data, have agreed to an exclusive partnership to develop a groundbreaking new insurance risk score. TNEDICCA has developed a proprietary crash database of over 30 million crashes geocoded to the precise location of each crash, covering 94% of U.S. auto premium. By using the crash database to measure risk of nearby roadways and adjusting for proximity-based on CARFAX’s vehicle mileage data, the Enhanced Location Score is 50% more predictive than credit-based insurance scoring.

Latest Fintech News: Ashok Leyland Announces Financing Tie Up in Kenya for Vehicle Financing, as Channel Partner Deluxe Trucks and Buses Inks Agreement With Kenya Commercial Bank

“The more you drive on riskier roads, the higher the chance of getting into an accident which leads to insurance claims,” said Yiem Sunbhanich, co-founder and CEO of TNEDICCA. “Guided by our research on crashes and customer feedback, we transformed this fundamental insight into algorithms that enable auto insurance companies to further refine risk segmentation and gain a pricing advantage.”

Latest Fintech News: Torches Launches on KuCoin Win and its Legendary Torchlight NFTs to Be Won

The Enhanced Location Score is available for both commercial and personal insurance. The score is available through Application Programming Interface (API) at the time of quote and is filed with state regulators across the U.S.

“We are delighted to partner with TNEDICCA on this solution, which will provide a powerful dynamic data input that strengthens current methodology for risk location assessment,” said Dan Hill, National Sales Director at CARFAX. “Our collaboration with TNEDICCA will lead to innovations enabling more accurate and fair scoring in the future.”

Latest Fintech News: Counterpart Names Claudette Kellner as Insurance Product Lead and Eric Marler as Head of Claims

[To share your insights with us, please write to]

Related posts

Satoshi Design Announces “BRIDGES: From Gold to Crypto”: The First Festival Dedicated to Information on the New Digital Technologies That Are Revolutionising the World of Finance

Fintech Staff Writer

BlackRock’s Laurence D. Fink to Present at the 2020 Deutsche Bank Global Financial Services Conference on May 27th

Fintech News Desk

Ted Dobos Joins Newfront as Private Equity Group Leader to Deliver Unmatched Value for Clients in M&A Transactions

Fintech News Desk