Getting a commercial auto liability quote – especially for larger fleets – is frustratingly slow and labor-intensive. This article will discuss the root causes and how modern solutions can change the game.
Root cause: Complex process;
- Messy process:Fleets send spreadsheets in emails to their brokers to compile submissions. With changes like returned rentals or vehicle swaps, brokers often need clarification, leading to time-consuming back-and-forth communication.
- Broker guesswork:Without standardization, brokers spend time adding specific variations of information for insurers. Then, they often have to request additional information, complete insurer-specific forms (e.g., technology checklists), and send submissions without knowing which insurers are actually interested.
- Underwriter overload:As a result, underwriters are often drowning in submissions. Even to understand if the submission aligns with their appetite, they need to review it thoroughly, manually verify the data, and sometimes, re-enter it into the internal systems. And if applications are incomplete or inconsistent, it requires back-and-forth communication.
- Triaging intake at the insurer is not enough:Many insurers have implemented a triage process with intake centers checking for completeness and triaging before a submission reaches underwriters. This adds to the workload of brokers and increases the overload in the system.
The traditional triage process to identify suitable markets is inefficient. Brokers must collect extensive data and tailor submissions manually for each insurer, and underwriters must review far too many submissions out of appetite. A slow, repetitive cycle of requests, clarifications, and reassessments wastes time for everyone involved.
A better way: Optimize the ecosystem for everyone
- Telematics-driven triage:Fleet operators using telematics already generate the data needed to evaluate insurer appetite. The real challenge is sharing this data securely & effectively and organizing it in a standardized and actionable way.
- Instant appetite matching:By moving appetite checks to the very beginning of the process, the ecosystem can avoid significant work for brokers and underwriters. Thus, they can focus only on suitable markets for submissions, saving time for everyone involved.
- Leveraging shared data for rating:Structured, validated telematics data allows insurers to access valid vehicle and driver schedules with appropriate context for rating. As a result, they reduce one major driver of effort.
The industry has the opportunity to drive a better submission process using data that already exists.
Getting started is simple: Meet Draivn Visibility EZ Quote
Draivn Visibility EZ Quote digitizes the triage process for brokers and insurers by automating the management of vehicle schedules and enabling data-driven submissions from day one.
What it does:
- Automatically prepares core submissions:EZ Quote compiles the required information and compares it against defined appetite parameters for participating insurers. The telematics data can then be used to generate vehicle and driver schedules and compile and validate required base rate factors – e.g., fleet composition, mileage, home base, radius of operation, and rating territories.
- Finds suitable insurance programs:EZ Quote matches the core submission with participating insurers’ appetite parameters, empowering brokers to focus only on submissions for suitable markets.
- Speeds up initial interest decision and rating:Appetite matching eliminates 75% of submissions that underwriters no longer have to look at anymore. EZ Quote allows them to instantly compare a fleet against appetite based on more accurate and complete information. Typically, an initial decision should take less than 10 minutes. The same information can be used to fill the base rating.
Draivn Visibility EZ Quote is a major step toward a better process for the industry and doesn’t require a major project to get started.
Summary
By fixing the process, EZ Quote delivers tangible benefits for brokers, fleets, and insurers.
- Brokers:Faster quotes = happier clients, increased capacity, competitive edge, less administrative burden.
- Fleet managers:Quicker decisions, accurate budgeting, appropriate coverage, less operational disruption, and the assurance that privacy concerns are considered and their right to be forgotten is respected.
- Insurers:Reduced backlog, better risk assessment with quality data, improved underwriting efficiency, and increased hit ratio.
- Overall:Draivn’s solution frees up broker time for advising clients and underwriter time for actual risk assessment, addressing the backlog challenge and improving workflows for both. All that transforms a weeks-long ordeal into a potentially days-long efficient process.
If you rely on manual processes, your competitive advantage is questionable. Visitdraivn.comto gain a competitive edge.
