Commercial fleet insurance professionals have high expectations for richer, more actionable insights as telematics and other data sources expand. But as data volumes grow, many in the industry are finding that more data doesn't always translate to faster, better quoting. So what’s the catch?
The increasing role of data in commercial fleet insurance
Commercial auto insurance has always been a data-intensive field. Underwriters routinely process vast amounts of information – from MVRs and IFTA records to vehicle schedules, loss runs, and FMCSA scores. In theory, each new data point offers the potential for more precise risk assessment and profitable underwriting. Adding granular telematics-based information should only enhance this capability.
More data should lead to better decisions. But theory doesn’t always match reality.
The paradox: More data may not help
In practice, with traditional manual workflows, adding telematics adds just another level of complexity. Instead of streamlining the process, it often increases noise and makes the underwriter's job harder and slower. As a result, the sheer volume of data doesn’t always translate into value – unless it's structured, contextualized and delivered intelligently.
Let’s break that down:
- The manual bottleneck: Data arrives from disconnected sources. Brokers collect information from fleets through spreadsheets and emails – often repeating the same questions and missing context – and manually standardize this information. The same submission can go through multiple clarification cycles.
- The fleet data tsunami:Modern fleets are restless data-generating machines – the volume of data is growing every day. This wave of data is powerful and can either make it or break it – soon you’ll need to choose, drown in it or ride the wave.
- Telematics complexity:Telematics data holds immense value if properly structured, cleaned, contextualized. When integrated into automated workflows, it can also transform underwriting. But if handled manually, it becomes just another layer of noise – amplifying the inefficiencies that already exist.
- Data overload:The consequence is that all parties – brokers, underwriters, and fleet operators – get tangled in submissions. Submissions are becoming longer and harder to verify. More time is spent validating data than assessing risk, and even straightforward quotes can get delayed.
The paradox, simply put:
- Insurers want more data to make better decisions.
- But more data, raw and unstructured, leads to slower decisions.
- More back-and-forth. More manual work. More missed opportunities.
The consequences and the solution
If data volume increases but workflows remain manual, four outcomes follow:
- Delayed quotes: Underwriters can’t handle the wave of data-heavy submissions properly.
- Lost business: Brokers miss market windows due to slow turnaround.
- Missed opportunities: Due to the amount of noise, relevant risks might be simply overlooked by insurers.
- Inaccurate pricing: Risk is assessed using partial or outdated data, leading to mispriced policies and profitability reduction.
The answer isn’t less data – it’s better data! The data that is cleaned structured and submission-ready. That’s where Draivn comes in, transforming raw and telematics data into submission-ready data-sets and making the whole process sharper, faster and more productive.
EZ Quote: Resolving the data paradox
Draivn Visibility is specifically designed to handle high volumes of diverse data efficiently, while EZ Quote seamlessly integrates structured data into the quoting process, turning the paradox into an optimized process.
This is how it works:
- Automated data integration:Draivn Visibility ingests and standardizes fleet data, turning diverse inputs into a single source of truth – no more exchanging spreadsheets or decoding formats.
- Pre-qualification:EZ Quote applies insurer appetite rules early in the process instantly screening the submission. This eliminates time wasted on poor-fit risks, allowing underwriters to focus on risks that fit their portfolios.
- Pre-filled submissions:EZ Quote automatically builds a complete, accurate, and validated submission – with driver and vehicle schedules, and key rating factors ready for broker review and underwriter use. This dramatically reduces the manual effort.
The outcome
- Data volume is managed;
- Fleets don’t waste days compiling data and get accurate quotes faster;
- Brokers focus on viable markets and cut submission preparation time, improving customer experience;
- Underwriters receive only relevant, high-quality submissions and focus on assessing viable risks with greater speed and quality.
Summary
EZ Quote unlocks significant benefits for the entire commercial fleet insurance ecosystem. The advantages are clear – faster quotes, reduced manual effort, fewer errors and inconsistencies, better resource allocation, and improved customer experience for all.
So don’t let growing data volumes slow you down – with EZ Quote, the data works for you, not against you. Start solving the data paradox at draivn.com.
