Transforming Commercial Auto Expense Ratios With Data-First Underwriting Strategies
Underwriting commercial auto insurance comes with a variety of expenses, including the ordering of a motor vehicle report, which costs $10.32 on average. At the same time, many customers are expecting faster and more accurate quotes. To address these challenges, some insurers are implementing data-first strategies that enable them to enhance the customer experience and reduce expenses, such as the cost of the MVR report, by as much as 30%.
We recently spoke with Diane Injic, Director of Commercial Auto Underwriting at Verisk, to explain how data-first strategies can improve expense ratios and customer interactions. She also describes how new technologies enable underwriters to use their expertise on more complicated and higher-risk exposures.