Arity's Vehicle Data Solutions address the challenges various solutions providers encounter in the automotive and transportation markets, creating new revenue opportunities.
SAN ANTONIO, Sept. 21, 2022 /PRNewswire/ -- Frost & Sullivan recently researched the North American vehicle data analytics industry, and based on its findings, recognizes Arity with the 2022 North American Vehicle Data Analytics Product Leadership Award. The company collects and analyzes billions of miles of mobility data to help a wide variety of customers make data-driven business decisions and improve their bottom line and reduce costs. Arity's solutions leverage data from multiple sources, providing accurate insights and data analytics for customers to address issues such as identifying the right customers for insurance products, monitoring driver behavior for fleet operators, and managing inventory and staffing for retailers.
Arity's next-level data collection technology flawlessly collects driving data, including trip information and behavioral insights, enabling it to capture driver profiles and tendencies. It works with OEM aftermarket suppliers to forecast store inventory and staffing needs to ensure the earliest possible availability to repair vehicle issues as they arise. The company's aftermarket suppliers benefit from the revenue from parts replacements and high customer satisfaction through swift repairs and minimum waiting time. With a huge volume of driving data and efficient analytics capability, Arity assists aftermarket players to forecast inventory, maximizing market acceptance.
Jagadeesh Chandran, Industry Principal at Frost & Sullivan, said "Arity's access to nearly a trillion miles of mobility data and over 85-plus years of Allstate's insurance claims and underwriting experience helps create accurate risk models and application of predictive analysis. Arity creates driver risk profiles and enables businesses to provide feedback directly to drivers so that they can be safer and smarter on the road."
"Today, more than ever, businesses need efficient ways to improve their bottom line and better connect with customers," said Arity's VP of Product, Peter Levinson. "As a company working to make transportation safer, smarter, and more useful for everyone, I am honored to be recognized for our unique capabilities in mobility data and analytics to do just that. This award recognizes that Arity's solutions are critical to the success to businesses across the transportation industry, from insurance to auto manufacturers, cities and more."
Arity IQ and Drivesight® insurance products provide superior value. Arity combines layers of information on driving behavior for analytics and insights. Insurers can plug these insights into their model to provide relevant products at a more accurate price to their customers. It allows instant access to actual driving behavior insights on millions of drivers and improves the loss ratio by over 50% on high-risk drivers and retention of less risky drivers, helping insurers deliver competitive prices at time of quote. Insurers can access consumers' evolving vehicle buying behavior data over long periods to help customize offerings and determine the vehicles' predictive value. Arity also enables consumers to utilize their driving data when changing vehicles to obtain a new insurance policy.
"With over a decade's experience and broad data coverage, Arity helps customers develop efficient strategies to improve business and revenue opportunities while reducing operational costs. Its vehicle data solutions aid the business success of insurers and automotive and transportation industry participants," added Chandran. For its strong overall performance, Arity earns Frost & Sullivan's 2022 Product Leadership Award in the North American vehicle data analytics industry.
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid market acceptance. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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Arity is a mobility data and analytics company that provides data-driven solutions to companies invested in transportation, enabling them to deliver mobility services that are smarter, safer, and more economical. Insurance companies, automobile manufacturers, and mobile app publishers turn to Arity to better understand driving behavior, manage risk, operate more safely and ultimately increase their bottom line. The Arity platform is built on billions of miles of historical driving data from more than 200 million connections and over a decade of data directly from cars. Arity was founded by The Allstate Corporation and launched in 2016.