New funding will accelerate product development and expansion by integrating auto crash risk scores to improve pricing and underwriting with auto insurance companies
COLUMBUS, Ohio–(BUSINESS WIRE)–TNEDICCA®, the leader in location-based traffic crash intelligence and predictive analytics that enables more accurate auto insurance pricing, announces the closing of $750,000 in capital funding.
Featured at the 2019 Auto Insurance Report National Conference, and now available in 39 states representing 91% of the $300 billion US auto insurance market, TNEDICCA serves eight auto insurance companies in providing improved risk assessment and pricing for private passenger automobile, motorcycle, and commercial automobile insurance.
TNEDICCA plans to use this additional capital to continue to scale its crash data coverage and risk score implementations with auto insurance companies. TNEDICCA will be expanding its product development, account management and sales teams to help scale the platform and increase distribution through its strong pipeline of additional insurance companies.
Leading this funding round is investment firm Pixel Perfect Ventures with Grange Insurance, an early adopter of the technology and strategic partner in its development. This funding round also includes an additional investment from another insurance organization.
“The team at TNEDICCA has built an incredibly impressive proprietary platform that captures and enriches traffic accident data down to a specific address and cross street over much of the United States,” said Raj Malik, Partner at Pixel Perfect Ventures, who will also be joining TNEDICCA’s Board of Directors. “TNEDICCA’s co-founders Yiem Sunbhanich and Nizam Syed have been able to take a highly innovative and scientific approach using the newly available crash location data they have created to take auto insurance risk segmentation to a whole new level for the industry.”
The company’s proprietary crash risk scores have empirically proven to provide an average 40% incremental predictive value on top of insurance companies’ current pricing capability. Beyond auto insurance, TNEDICCA also offers safety-related solutions for navigation service providers, automotive manufacturers and smart cities.
“Grange Insurance is focused on bringing innovation and emerging technologies to the insurance industry,” said John North, Grange Insurance President of Personal Lines. “We’re proud to have played a role in helping TNEDICCA bring this innovative platform to life. Our Grange actuarial team is using TNEDICCA’s risk scores in our territory pricing models, helping to validate the benefits of the platform. These risk scores will help us offer more competitive rates to our customers, and make it easier for our independent agents to do business with us.”
“Pixel Perfect Ventures has an incredibly impressive background and extensive experience in growing and scaling early stage companies,” said Yiem Sunbhanich, Co-Founder & CEO, of TNEDICCA. “Their presence in Washington, DC and San Francisco as well as Columbus will be very helpful in expanding our footprint and exposure as we grow and scale our business. We are excited that one of our first customers, Grange Insurance, is partnering with us as an investor. Their expertise in auto insurance pricing and the insurance regulatory process will help us significantly speed up our in-market implementation and business expansion.”
TNEDICCA’s mission is to reduce future traffic accidents through the better use of data and analytics. This funding round will help the company enhance its offerings so carriers can serve consumers more precisely than with traditional claim loss data. TNEDICCA also will be using the new capital to expand into select additional markets where customers have been seeking additional uses of the company’s technology platform.
Founded in March 2015 and headquartered in Columbus, Ohio, TNEDICCA®’s mission is to reduce future traffic accidents through the better use of data and analytics.
TNEDICCA® acquires and curates comprehensive traffic crash data and provides location-based crash intelligence through its cloud based analytical platform. The company provides solutions to auto insurance, navigation service, automotive manufacturing, and transportation planning industries.
The company’s crash risk scores have empirically proven to help auto insurance companies improve their profitability through more accurate pricing and better risk selection.
For more information on TNEDICCA®, please visit the company’s website at www.tnedicca.com.
About Pixel Perfect Ventures
Pixel Perfect Ventures is an investment firm with extensive cross-functional experience and provides capital and support to early stage founding teams looking to re-imagine industries. The firm has offices in Washington, DC, Columbus and San Francisco.
Beyond capital, the Pixel Perfect Ventures team has extensive operating experience across all phases of a growing startup and venture-backed companies. The Partners have successfully scaled and exited businesses in leading roles in user experience and design, technology, product management and development, customer support and client management, operations, finance, business development, corporate development and legal roles. For more information about Pixel Perfect Ventures, please visit www.pxlperfectventures.com.
About Grange Insurance
Grange Insurance Company, with nearly $3 billion in assets and more than $1.2 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin. For more information about Grange Insurance, please visit www.grangeinsurance.com.
Co-Founder & CEO
Pixel Perfect Ventures
Partner and TNEDICCA Board Member
Corporate Communications Manager