What if we told you there was a new technology with revolutionary promise to forever change the future of predicting risk, aka, crashes, for the commercial transportation and insurance industry? ClearConnect Solutions has expanded its data analytics capabilities and tapped into the world of AI and machine learning with an innovative Crash Prediction technology that predicts the probability of commercial motor vehicle (CMV) crashes, a game-changer for the commercial transportation insurance market.
What is Crash Prediction Technology?
The Crash Prediction technology uses artificial intelligence (AI), machine learning (ML) and FMCSA data to predict the probability of commercial motor vehicle crashes for fleet and insurance companies.
Crash Prediction reporting is done on a monthly basis and bi-monthly the machine is retrained on new incoming data. This “retraining” ultimately strengthens the prediction accuracy over time.
Scott Grandys, President of ClearConnect Solutions remarks, “The system’s accuracy in predicting actual crashes and crash dates is impressive, and gives me goosebumps every time we see it.”
Crash Prediction for a single DOT / VIN
How Accurate is the Crash Prediction?
A full 12 months of data is needed to properly assess the prediction model’s performance. According to the ClearConnect Solutions’ product development team and data scientists, the model’s crash prediction accuracy rate is currently at 80% and above. As the machine continues to ingest and analyze more crash data, that becomes available, the accuracy rate is expected to increase.
What Data is the Model Using to Predict Crashes?
The Crash Prediction technology analyzes three years of Federal Motor Carrier Safety Administration (FMCSA) crash data to identify characteristics of vehicles involved in crashes.
It then processes millions of FMCSA data points and 100’s of variables, such as inspections and vehicle information, across all U.S. commercial vehicle identification numbers (VINs). The current model predicts the probability of a crash based on vehicle characteristics. However, future models [already in the works] will forecast crash severity, claim details, and projected loss amounts.
Features of the Crash Prediction Technology
The predictive technology provides detailed information on fleet accidents, including:
- Number of tow-aways
- Number of injuries and fatalities
- Details about each crash
Who will use the Crash Prediction Technology and Why?
The Crash Prediction technology is designed to best serve fleets with twenty or more CMV units, risk management companies, and commercial transportation insurance companies.
Scott Grandys, President of ClearConnect Solutions and currently overseeing product development, explains how ClearConnect’s model differs from other data analytics companies:
“There is no other commercial transportation data analytics technology that covers the amount of data, variables, crash prediction capabilities, and accuracy that our Crash Prediction model does.”
Most existing data companies today use telematics data to make predictive risk analysis – ClearConnect uses FMCSA data, which provides greater accuracy when predicting actual crashes.
While the Crash Prediction tool is still quite young (four months of data analysis as of this publishing date), it offers valuable insights and prediction (80%) into potential accidents, crash types, injuries and fatalities that can foreseeably be prevented with the new technology.
The Crash Prediction official product announcement is set for later this summer in August, and is expected to make crashing waves across the commercial transportation and insurance industry.
To test out the Crash Prediction technology now and see your fleets’ crash prediction model, contact our team to schedule a demo.
