Renaming the company to Acculitx more accurately identifies with the company’s primary charter, analytics that identify driver risk. The renaming is intended to coincide with the launch of the company core product, accuscoreSM, the world’s most accurate driver risk identification and scoring engine. Acculitx is working with many of the major insurance companies to redefine usage-based insurance (UBI) to create a more relevant identification of driver behavior and risk, risk-based insurance (RBI).
San Diego, CA July 18, 2015 – Acculitx, a San Diego based analytics company, is the creator of accuscoreSM, the world’s first meaningful driver profile score based on actual driving performance. The technology is based on applying data filtering, normalization, and peer during continuous vehicle motion. Because accuscoreSM is not ‘event’ based, it results in being the most relevant predictor of driver risk.
Acculitx’ ground-breaking driver scoring engine creates a multi-dimensional score that accurately ranks a driver on aggressiveness, distraction, general driving tendencies and specific risky events. Acculitx has an open platform for data collection from any telematics device. The score may be provided to telematics service providers (TSP’s), which can create their desired user interface applying accuscoreSM. Acculitx is currently focused on their alliance partner network by helping them integrate accuscoreSM with their specific devices and service. The company aims to advance the fleet safety and UBI market with a more meaningful measurement of risk at a lower cost.
The $1M investment further validates the value of more precise driver behavior and risk assessment. The funds are a major step forward in a full scale global launch and alliance partner expansion.
“We provide world-class expertise for identification of driver risk to the fleet safety and UBI markets. Our solution goes well beyond UBI in its sophistication and risk identification. Our goal is not to become a UBI company, but to move UBI to a more relevant identification of risk. Fair Isaac provides a comprehensive FICO score for credit rating, similarly, we provide a comprehensive score for driver behavior and risk,” said co-founder and President Alan Mann.
The Telematics supported insurance market is here to stay. Today in the United States, four million personal vehicles are enrolled in usage-based insurance, leaving 180 million personal vehicles without telematics. Nine million commercial vehicles have adopted a telematics solution, leaving 56 million commercial vehicles unconnected. AccuscoreSM will support the existing telematics markets, and enable a greater mass adoption in the untapped telematics insurance market.
“With the paradigm shift created by the UBI programs, we embarked on the perfect telematics scoring solution universally applicable to insurance risk underwriters and self-insured fleets,” said Peter Ellegaard, Co-Founder and CEO.
About Acculitx – Acculitx is the developer of accuscoreSM, the most comprehensive and accurate identifier of driver risk and behavior assessment on the market today. Acculitx’ enhanced degree of driver risk identification benefits telematics service providers (TSP’s), GPS device manufacturers, insurance companies, and providers of underwriting support for insurance companies, as well as safety-conscious fleets. With the revolutionary capabilities of Acculitx, accuscoreSM is the future of a unified driver behavior score, universally recognizable, for every driver.
Contact: Media Relations – Susan Francis
Email: SFrancis@acculitx.com
Website: http://www.acculitx.com
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