ProSight Specialty Insurance (ProSight) and eMaxx Assurance Group of Companies (eMaxx) have agreed to offer captive risk solutions to emergency roadside assistance providers that are affiliated with AAA roadside assistance (AAA).
The offering will enable providers that join the captive to achieve their long-term insurance and risk management goals with ProSight and eMaxx.
eMaxx will provide technology platforms including telematics exchange, that integrates telematics data from multiple service providers, and eLive Connect, an online learning programme.
ProSight will provide various captive solutions including excess reinsurance protection, claims service, and credit and collateral management for the member-owned captive through eCaptiv.
These solutions, built specifically for AAA preferred service providers, will provide captive members with the tools and long-term sustainability they need to effectively manage their risk.
Timothy Kolojay, president of eCaptiv, said: "eMaxx has seen a dramatic reduction in frequency and significant impact in the severity of claims outcomes when companies assume risk in a captive and utilize risk management technologies”.
He added: "ProSight's focus on underwriting profitability through loss prevention and claims management, along with the technology programmes built by eMaxx, will be key components that will be beneficial to emergency roadside assistance providers."
Zekia Sweet-Washington, manager of insurance services at AAA noted: "Our providers are experiencing an increasingly difficult insurance environment, with fewer carriers able to provide appropriately-priced coverage.”
"The combination of eMaxx risk management technologies, ProSight's expertise, and the meaningful risk assumption by participants in the captive programs will help solve this issue by delivering solutions which will provide greater control of their total cost of risk over the long run,” Sweet-Washington adds.