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Commercial Auto Prefill from Verisk Streamlines Pricing, Underwriting

Staff Writer | February 03, 2015

Verisk Insurance Solutions releases Verisk Commercial Auto Prefill to streamline the commercial auto pricing and underwriting process. Through a simple input of a business name and address, Commercial Auto Prefill provides information on the vehicles registered to the business or businessowner at the address provided. This new tool complements Verisk's existing commercial property and businessowners policy prefill capabilities.

Manual data entry continues to be one of the largest components of labor costs and potentially a substantial contributing factor to data errors in the insurance application process for the commercial auto insurance industry. Verisk estimates that for each commercial auto insurer, processing applications could require almost 4 million keystrokes per year, with approximately more than 50 percent of those keystrokes dedicated to entering vehicle identification numbers. 

"Easy access to current and accurate information for a commercial auto insurance application is vitally important for underwriting and pricing," says 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."

Commercial Auto Prefill provides vehicle attributes including year, make, model, new cost, and registered owner. The agent or underwriter would then just choose which vehicles should be included on the quote or policy.  

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