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.
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“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.”
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.
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“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.”
CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX vehicle history information. The expert in vehicle history since 1984, CARFAX provides exclusive services like CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world’s largest vehicle history database and is nationally recognized as a top workplace by The Washington Post and Glassdoor.com. Shop, Buy, Service, Sell – Show me the CARFAX™.
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