ADEPT Driver to Showcase Products at InsureTech Connect
Crash-avoidance Training Provides Solutions to Six of the Worst Problems Facing Auto Insurers
LAS VEGAS, Oct. 1, 2018 /PRNewswire/ -- ADEPT Driver, an internationally recognized leader in providing crash avoidance training solutions, will highlight its solutions to the most vexing challenges of the insurance industry at InsureTech Connect 2018 (ITC), in Las Vegas October 2-3.
"We have developed the most effective neuro-cognitive psychometric assessment and crash avoidance training systems on the market," said Dr. Richard Harkness, CEO of ADEPT Driver. "We are true partners helping insurers achieve their business goals while protecting their customers from car crashes and injuries. We are excited to share our advances in driver safety technology with attendees at ITC."
ADEPT Driver crash avoidance training programs are the most evaluated and validated crash reduction training in the world. More than 400,000 units of teenSMART® have been sold and the program has been vetted by dozens of actuaries over the past 15 years, providing evidence that ADEPT Driver's products address six key challenges for the auto insurance industry:
- Poor driving behaviors among insureds
- Low profitability
- Not selecting the best customers
- Not retaining the best customers
- Increases in distracted driving claims
- Un-optimized predictive analytics and pricing models
ADEPT Driver's programs attract and retain high-value customers with lower risk. In studies conducted by ADEPT and our insurance partners it was discovered that policyholders who participate in ADEPT's programs have on average 15.6% higher premiums that are 98% more profitable. A second study indicated 13.8% higher premiums that were 71% more profitable. Policyholders whose teen completes teenSMART are five times more likely than the national average to stay with their insurer 90 days after adding a teen to their policy. Eighty-six percent of policy holders report that they remain with their carrier four years after their teen driver completes teenSMART.
In before/after, large sample size studies, ADEPT Driver's programs have been shown to increase driver safety performance in the following areas:
- 56% increase in visual cognition and memory, so drivers know what's going on around their car
- 29% increase in hazard detection, so drivers spot more hazards and respond quickly
- 78% increase in making safe gap in traffic choices when making turns into traffic
- 48% improvement in identifying clues that could require an immediate driver action
- 37% improvement in risk perception of the driving environment
This improvement in safe driving skills is associated with reductions in crash frequency and severity resulting in significant loss ratio improvement. In a rate filing submitted by one of ADEPT Driver's insurance partners, indicated relativities for property damage were reduced by 30%, bodily injury by 51% and collisions by 28%.
ADEPT Driver is also leading the industry by providing solutions that address the causes of distracted driving, a leading cause of collisions. Many people believe that they can drive safely while distracted yet feel that it's not OK for others to drive when distracted. ADEPT Driver's programs address this cognitive dissonance and denial while strengthening drivers' crash avoidance skills. Unlike programs that simply promote awareness about the hazards of distracted driving, ADEPT Driver's approach measures and improves risk perception, hazard detection and visual cognition. When these skills are developed, it's less likely a driver will choose to text or engage in other risky behaviors.
In an ADEPT Driver teenSMART survey conducted this year, parents reported that their teen was 88.8% less likely to text or talk on the phone while driving after completing teenSMART.
ADEPT Driver introduced Psychometric Based Insurance™ this year. On-board monitoring devices used for Usage-Based Insurance (UBI) monitor drivers' activity, but don't improve drivers' crash avoidance skills. ADEPT Driver programs collect granular and metadata on the driver's crash avoidance skills using ADEPT's patented neurocognitive psychometrics. ADEPT products work as stand-alone products, or when paired with a UBI device to provide the most sophisticated predictive analytics solution available on the market.
To learn more, ITC delegates are invited to visit the ADEPT Driver team at Booth 710.
Contact: Richard Harkness, ADEPT Driver
Phone: 916-509-8012
Email: [email protected]
SOURCE ADEPT Driver
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