New software tool could slash commercial auto keystrokes

A new commercial auto prefill tool purports to cut the time agents and underwriters spend keying in information in half.

Insurance News

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Independent insurance agents and underwriters expend about four million keystrokes every year, per carrier, in processing commercial auto insurance applications, according to estimates from Verisk Insurance Solutions.

About half of those key strokes are dedicated solely to entering and re-entering vehicle identification numbers (VINs).

To cut back on the time and costs associated with those inefficiencies, Verisk is introducing a new product intended to streamline the commercial auto pricing and underwriting process.

Verisk Commercial Auto Prefill auto-populated information relating to vehicles registered to a business or businessowner with the input of the business name and address. Agents and underwriters will no longer have to manually input vehicle attributes like year, make, model, new cost and registered owner with the tool.

Instead, he or she will choose which vehicles should be included on the quote or policy.

“Easy access to current and accurate information for a commercial auto insurance application is vitally important for underwriting and pricing,” said Neil Spector, president of Verisk Insurance Solutions’ underwriting division. “The amount of time underwriters and agents spend manually entering vehicle schedule information can be overwhelming and potentially lead to incorrect information inputted at time of quote or when underwriting the risk.
“Commercial Auto Prefill helps avoid that costly, time-intensive process while offering more accurate information.”

The product is also advertised to help detect fraudulent applications and generate more accurate initial quotes.

The tool is meant to complement existing Verisk prefill capabilities for commercial property and businessowners policy.
 

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