JERSEY CITY, N.J., February 2, 2015 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today released 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 promptly 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. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
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 (VINs).
“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.”
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.
“Verisk has been an integral part of the commercial insurance industry for decades,” added Spector. “Commercial Auto Prefill is one example of Verisk’s continued commitment to providing solutions for commercial underwriters.”
More information about Commercial Auto Prefill is available at http://www.verisk.com/underwriting/auto/commercial-auto-prefill.html.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.