RMX Software will provide analytics-driven insurance platform
Grace Sharkey Wednesday, January 5, 2022
Freight management system EKA Solutions announced Wednesday it has established RMX Software LLC, a wholly owned subsidiary of the company that will provide a risk management platform for its carriers, brokers and shippers looking to reduce customer losses and insurance costs by leveraging analytics.
EKA Solutions founder and CEO JJ Singh told FreightWaves it was important for the company to provide a risk management platform because while technology is becoming more advanced and trucking companies can ensure safer driving, insurance costs keep going up.
Singh said carriers could lower costs by having insurance carriers underwriting risk on a usage basis but they would need real-time transparent risk management platforms in order to do so.
“Technology is here to enable a trucking company to optimally route a truck based on route risk. Our RMX platform provides this end-to-end [visibility] solution to both the trucking company and the insurance carrier to do this,” said Singh.
Related: EKA Solutions launches financial services subsidiary
Using the RMX platform, carriers and their supply chain partners will be able to find real-time customer risk management information to deliver to their insurance companies to be able to underwrite that risk on a usage basis in a timely manner, enabling carriers to make quicker yet intelligent business decisions when it comes to risk.
“The RMX platform will provide real-time connectivity to truck telematics and video data and seamless integration with driver, truck and route risk-related databases. More importantly, it will optimally blend risk, operational and financial data, and operational workflow processes to deliver new and timely risk data streams, analytics and tools to various risk coverage and management stakeholders to transparently measure, manage and underwrite risk,” said Mark Walker, the EKA Solutions and RMX Software president and chief data officer.
The new platform is available to all users of EKA’s Omni-TMS as well as non-EKA TMS users looking for a risk management solution for improved insurance coverage.