CHICAGO, May 22, 2019 /PRNewswire/ -- Arity, a trusted provider of mobility data and analytics solutions, today announced its partnership with Y-Risk to establish a model that improves insurance efficiency for the emerging on-demand and shared economy. Arity and Y-Risk, a brand of The Hartford, will enable shared mobility companies to better manage and understand driving risk so they can work more efficiently with insurance carriers and streamline operational costs.
Innovating in a new industry, shared mobility companies have limited historical data to anticipate risks that cause high operational costs and expensive insurance. Arity and Y-Risk's partnership helps shared mobility companies address these challenges by providing tools to identify and understand risks to control losses and loss-related costs.
"Arity's predictive models and risk analytics are built on data and expertise that took decades to develop. They give customers a jump-start on insights that would take years for a shared mobility platform to uncover themselves," said Rachel Allen, Group Product Manager for Shared Mobility Solutions at Arity. "Additionally, this partnership opens the door to offer solutions more broadly across a diverse portfolio of consumer services, including on-demand delivery, micro-mobility and more. We believe that collaborations with companies like Y-Risk will set the precedent for properly modeling insurance – accurate and fair – ultimately fueling the future of mobility."
Arity's understanding of how driving risk affects accidents and claims underpins its Shared Mobility Solutions. This suite of products enables shared mobility platforms to improve operational expenses and optimize insurance coverage. Combined with Arity's insights, Y-Risk can leverage its underwriting experience to help shared mobility companies:
- Instantaneously assess the risk distribution and profile of drivers.
- Track ongoing driving behavior and vehicle utilization to analyze exposure.
- Evaluate segmented pricing for customers.
"Y-Risk is at the leading edge of the insurance industry, and partnering with Arity gives us the opportunity to optimize how the industry customizes coverage for shared and on-demand fleet owners," said Iain Boyer, Chief Underwriting Officer at Y-Risk. "The ability to collect telematics data and Arity's ability to predict how risk factors affect accidents and claims are critical in helping us understand and manage the risks of shared mobility operations and decrease insurance costs for fleets."
Together, Arity and Y-Risk are defining how customized commercial coverage should work in today's evolving transportation ecosystem. To learn more about the Arity and Y-Risk partnership and how advanced analytics can refine revenue models and help customize coverage, attend their joint speaking session at Marketplace Risk on May 22 in San Francisco.
Arity is a mobility data and analytics company that provides data-driven solutions to companies invested in transportation, enabling them to deliver mobility services that are smarter, safer and more economical. Insurance companies, automobile manufacturers and shared mobility companies turn to Arity to better understand driving behavior, manage risk, operate more safely and ultimately increase their bottom line. The Arity platform is built on more than 115 billion miles of historical driving data, with nearly 15 million active telematics connections and over eight years of data directly from cars. With global offices and a Chicago headquarters, Arity was founded by The Allstate Corporation and launched in 2016.
Y-Risk is a brand of The Hartford specializing in providing insurance solutions to the sharing and on-demand economy. Offering its products through wholesale brokers and select retail agents, Y-Risk offers tailored coverage and usage-based pricing for commercial auto, general liability, property, inland marine, cyber and professional liability products. Based in Connecticut, Y-Risk's customer mix includes transportation network companies, carsharing platforms, on-demand services and space sharing platforms. For more information, please visit www.yrisk.com.
Stacy Silver, Corporate Communications
Email: [email protected]