Getting a fleet insurance quote shouldn't feel like sending a large document via fax, one page at a time. And yet, it often does.
Vehicle schedules scattered across spreadsheets. Endless forms to fill. Repetitive back-and-forth between fleets, brokers, and underwriters. Weeks of delay with no clear explanation. This process is no longer sustainable.
But is there an alternative? Let’s discuss how, ideally, the modern quoting process should look like and if it’s possible today.
The ideal state
The ideal insurance quoting process stands on five core pillars:
- Speed: Fleet managers operate in a dynamic environment and expect their insurance partners to keep pace with them. The first to provide a reliable quote often secures the deal.
- Accuracy: Speed shouldn’t compromise quality. Quotes must be built on precise, validated data to ensure an accurate reflection of the fleet's true risk profile.
- Completeness:All critical data elements needed for risk assessment must be present. Missing key information, even if the data is accurate, may lead to non-competitive or inaccurate quotes.
- Automation: The process should eliminate the time-consuming and error-prone manual tasks of data collection, cleaning, validation, and submission, thereby saving weeks of employees’ time on low-skilled tasks.
- Relevancy: Submissions should go directly to insurers whose risk appetite aligns with the fleet's profile, backed by actual performance data.
The “failed state”
For too long, the insurance industry has suffered from an outdated and inefficient quoting process, creating problems for everyone involved:
- Brokers are stuck chasing data, not closing deals. It results in lost clients, damaged reputation, and countless wasted hours on dead ends.
- Insurers are buried in submissions that don’t fit their appetite. As a result, they fail to secure the best risks, leading to adverse selection and a less profitable portfolio.
- Fleets face long wait times, often resulting in inadequate coverage or rejections due to missing information.
The root of the problem lies in a combination of manual operations at all stages, poor submission quality, and overloaded underwriters. This creates a cycle of delays and frustration, ultimately hindering the entire industry.
EZ Quote: A better way
Draivn Visibility’s EZ Quote addresses the root problems of the traditional quoting process. It streamlines the entire workflow – from initial data collection to submission & triage – supporting all five pillars of the ideal insurance quoting process:
- Accelerated data collection: EZ Quote facilitates the collection, validation, and structuring of fleet data, significantly reducing the manual effort for brokers and fleet managers. By turning a weeks-long task into a matter of hours, it fuels the“Speed”pillar of the modern commercial fleet insurance quoting process.
- Intelligent appetite matching: EZ Quote allows brokers to quickly and accurately match submissions to insurers whose risk appetite aligns with the fleet's profile. This ensures that submissions are sent to insurers who are most likely to indicate interest and initiate the quoting process. This strengthens the“Relevancy”pillar and reduces weeks of wasted effort.
- Decision-ready data: EZ Quote transforms raw fleet data into complete, standardized, and verified underwriting-ready datasets. This structured and contextualized information enables underwriters to make faster and more informed decisions. This supports the“Accuracy”pillar of the ideal insurance quoting process.
- Unified and verified risk profile: EZ Quote aggregates all key data – from safety to operational details – into a single risk profile, providing a comprehensive and up-to-date view of the fleet's risk. Underwriters receive a full picture for risk assessment from the start, improving quote relevance and competitiveness. This reinforces the“Completeness”pillar of modern quoting.
- End-to-end workflow efficiency:From collecting and cleaning data to preparing and submitting it, EZ Quote automates the most time-consuming and error-prone steps in the process. This enables the“Automation”pillar, relieving everyone in the insurance ecosystem from tedious manual tasks.
By supporting these five pillars, EZ Quote isn’t just a solution – it’s the foundation for a faster, smarter, and more collaborative quoting process.
The future is closer than it appears
The ability to deliver quotes with both speed and precision is no longer a competitive advantage – it's a critical requirement for success. EZ Quote makes it possible by transforming a weeks-long challenge into a streamlined and efficient process.
The future of insurance quoting is here, and it's powered by EZ Quote. Step into the future with us – request a demo at draivn.com.
