FleetRisk Advisors Unveils First Predictive Risk Analysis System to Commercial Fleet Industry

February 15, 2005

FleetRisk Advisors has launched the Transportation Risk Analytics Center (TRAC), a risk modeling and analytics platform that facilitates FleetRisk’s Knowledge-driven Risk Management Services.

TRAC is built on a powerful relational database, which combines historical data about drivers, vehicles, routes, schedules, accidents and incidents, with daily operational data from a broad range of in-vehicle monitoring technologies. A sophisticated suite of analytics, including pattern recognition algorithms, turn this combination of data into Risk Signatures which give owners/operators the ability to operate safer and more profitable fleets.

Risk Signatures are predictive indicators derived from historical and operational data. They point to behavioral and/or environmental characteristics, which may cause accidents, incidents or other forms of economic loss. Knowledge of these risk signatures can be used to modify behavior, thus reportedly reducing both the frequency and severity of accidents and other loss-related costs.

Traditional loss control programs, without this wealth of data and analytical support, cannot reportedly take into account all of the specific conditions and factors faced by each driver and each vehicle every day. Today’s more advanced telematics systems supply reams of data, but cannot provide fleet operators with actionable knowledge to improve fleet safety and increase profitability like FleetRisk Advisors can. The TRAC Platform also allows for continual and systematic re-examination of operational data from telematics systems, revealing additional patterns and correlations that could increase risk or loss costs.

By harnessing the power of TRAC’s predictive analytics, fleet owners can also reportedly better compare asset profiles, personnel histories, geographic data, or market-specific benchmark information to identify future high-risk situations and take appropriate action. In addition, the TRAC repository is reportedly the only platform service available today enabling operators to accurately consolidate, store and manage multiple types of performance data over multiple years.

TRAC is an integral component of FleetRisk Advisor’s suite of Knowledge-driven Risk Management Services. FleetRisk Advisors’ risk assessment program is reportedly the industry’s first and only program to study the unique Risk Signatures associated with each client’s company and industry.

After completing an initial assessment, FleetRisk Advisors works with operators to determine the optimal in-vehicle monitoring solutions for their needs. In addition, FleetRisk Advisors has partnered with leading domain experts in each of the primary Risk Signature disciplines. Each domain partner reportedly brings proven systems and methodologies and thereby enables FleetRisk Advisors to supply fleet owners with long-term programs focused on actionable, Knowledge-driven Risk Management recommendations.

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