Managing large books of business and complying with evolving regulations can be major challenges for commercial auto insurers. But data-driven insights and statistical and consulting professionals can provide critical support.
Insurers need to be sure to rate exposures properly. When reviewing one insurer’s book, Verisk found seven times more exposures than listed for a particular risk. Such incorrectly rated risks can have a huge impact on profitability.
Pair Verisk’s broad market view with internal data to benchmark your commercial auto book. Verisk actuaries compile and analyze complex data that can strengthen your commercial auto analysis.
In the competitive, fast-changing insurance market, data quality and management are keys to satisfying compliance/regulatory requirements, driving profitable growth, and gaining customers. Insurers need help to ensure their data is reported in a timely manner and is relevant, accessible, and as accurate as possible. Save time and money by streamlining your compliance and regulatory reporting processes.
Regulations and reporting requirements change constantly. Verisk’s data managers and regulatory experts can help you stay compliant in this challenging landscape.
Leverage an industry-leading data and analytics platform for high-level graphical visualizations across a variety of commercial auto research needs.
Use aggregate premium and loss experience data to fuel analytic insights about your commercial auto portfolio. Benchmark your portfolio against the industry using interactive visualizations to inform strategic decisions.
Auto liability insurance reporting (ALIR) requirements are a compliance expenditure with ever-changing, state-specific demands and little return for insurers. Streamline compliance with statutory obligations to report auto coverage to state DMVs, and efficiently notify loss payees of policy changes affecting their collateral.
As an insurer, can you ever be fully confident you understand the level of risk in your portfolio?
Verisk Insurance Consulting can deliver customizable solutions to help you tackle such challenges, provide guidance through regulatory processes, and streamline compliance workflows.