New backing allows for a non-fleet program for the insurer
Global specialty re/insurer SiriusPoint has announced a strategic partnership with commercial auto insurer Nirvana Insurance.
San Francisco-based Nirvana has made significant strides in the insurance industry, it was suggested in a news release, particularly for fleets with 10 or more power units. The company utilizes telematics data to offer up to 20% savings for fleets based on safety measures. With the backing of SiriusPoint, Nirvana is now expanding its services to include a new program for smaller fleets with fewer than 10 power units.
Nirvana’s approach involves collecting data from sensors and IoT devices in trucks, enabling them to tailor rates for individual fleets. Additionally, fleets have access to Nirvana’s Safety Platform, which provides safety data and AI-powered safety insights to enhance safety practices throughout the year.
This partnership with SiriusPoint is also expected to further Nirvana’s commitment to being “best-in-class” underwriters, leveraging telematics to assess customer risk more accurately. The increased utilization of data and telematics is viewed as essential for risk management in the auto sector and the evolution of its insurance coverage.
“We have been providing capacity to Nirvana since January 2022, so we were already familiar with its capabilities. During our working relationship, Nirvana has proven to be a high-quality underwriter of risk and demonstrated how the thoughtful use of telematics can better align driver behavior with underwriting risk. We believe Nirvana’s business model is promising and its offering ties into our purpose of providing security and resilience to those we work with,” SiriusPoint head of North America insurance Patrick Charles said.
What are your thoughts on this story? Please feel free to share your comments below.
Keep up with the latest news and events
Join our mailing list, it’s free!
#SiriusPoint #unveils #strategic #partnership #Nirvana #Insurance