Cover Whale Insurance Solutions, an InsurTech focused on commercial trucking, has teamed up with video telematics company Nexar.
Nexar will provide Cover Whale with its AI dual-facing dash cams to its independent and fleet truck drivers. Through this, the insurer hopes to improve the safety of drivers as well as lower insurance premiums.
The Nexar dash cams can detect and monitor driver behavioural risks, such as hard braking, sharp cornering, hard turns, quick accelerations and sudden stops, while providing context for each event.
The integration of Nexar’s dash cams with Cover Whale will help enhance the on-the-road coaching of truck drivers to lower the frequency and severity of claims.
Pointing to research, Nexar claims that in 2020, 12.8% of the 35,766 fatal crashes on US roadways involved at least one large truck or bus.
Another cause of concern for the trucking industry is the widespread situation of nuclear verdicts, which are jury verdicts worth $10m or more. Cover Whale said one nuclear verdict can destroy an entire fleet. This is why Cover Whale’s AI safety coaching, Nexar’s real-time dash cam footage, GPS location and speed data can all serve as crucial evidence in a court case.
Nexar CEO and co-founder Eran Shir said, “We’re honoured to be selected as a top video telematics dash cam by the country’s leading InsurTech for truckers.
“This partnership further proves our advanced dash cam technology and capabilities. In collaboration with Cover Whale’s Driver Safety Program, the information retrieved by our cameras will identify unsafe driving practices, helping to avoid accidents and costly claims in the first place. We’re proud to partner with Cover Whale for this important mission, and we look forward to future opportunities together.”
Another InsurTech company focused on the commercial trucking industry is LuckyTruck. The company recently raised $2.4m in its seed extension round, which was led by Candid Insurance Investors.
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