Visualize: Insights that power innovation

Reimagining the customer experience in personal auto

By Jason Polayes  |  March 14, 2019

Insurers are meeting consumers in a new world of expectations set not only by their direct competitors but by retail businesses outside the insurance industry. Those new capabilities are driven by technology applied to transforming the customer experience (CX). That technology can help auto insurers do the same, and industry leaders are learning how.

Disconnection damages customer loyalty

Disconnection between an insurer and its customers damages loyalty, and it can begin with a burdensome buying experience. But pushing only for speed and volume can and does erode application integrity, and this exposes insurers to more fraud.1

One way to balance the competing imperatives of customer satisfaction and sound underwriting is through one-rate auto insurance acquisition. That means ending Rate Call 2, the second and often higher price given to customers after the initial quote. But there’s more: the potential to slim down the online application to three easy questions with corroborated data to assess the risk reliably.

That’s revolutionary, with potential gains in market share, cross-selling and bundling, customer satisfaction and loyalty—and profitability. Precise data and pricing are part of a customer experience that also helps insurers avoid adverse selection and underwrite more accurately.

New Innovation Paper explores CX transformation

Verisk is responding to the insurance industry’s needs in this area with an InsurTech platform that leverages data analytics and a unique, value-matched economic model to fuel innovation. The solution reimagines a multichannel customer experience and enables competition on modern-day terms.

The digital disruption age has arrived. “The retail experience that comes from Amazon and Netflix is what people expect when they shop,” says Doug Caccese, president of ISO Personal Lines.

Gary Tolman, chief executive officer and cofounder of Noblr and former CEO and president of Esurance, is taking his company down this road. “Noblr’s success will be dependent on aligning our processes with the increasing digital demands of our policyholders,” Tolman says. “Seamless access to all discovery data at the initiation of the quote process allows Noblr to optimize policyholder conversion, partner revenue, and underwriting results.”

A new Verisk Innovation Paper, Unlocking One-Rate Auto Insurance Acquisition, explores the way forward to a new customer experience through award-winning InsurTech platforms such as Verisk’s LightSpeedTM Auto.

Download the Innovation Paper to learn about a solution that can instantly populate more than 400 fields of information using just the customer’s name, address, and date of birth—and then take you far beyond the capabilities of ordinary prefill.

1. Verisk, Application Integrity: The Whole Truth, 2017 (Application integrity declined by 15% over a four-year period.)


Jason Polayes is a senior product manager at ISO. You can contact him at Jason.Polayes@verisk.com.

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