Just as the iconic film Back to the Future ingeniously combines the nostalgic and the futuristic, leveraging historical policy insights can lead to forward-thinking solutions and innovative use cases that serve as the “flux capacitor” to propel progress in personal auto insurance quoting.
“A new standard for personal auto insurance policy history solutions enables forward-thinking use cases.”
Much like Doc Brown's DeLorean, understanding where personal auto applicants have been is key to unlocking predictive behavioral patterns that help insurance leaders realize the vision of where modern buying experiences are going.
Outdated coverage verification solutions are stuck in the present
Many personal auto insurers use coverage verification data such as proof of existing insurance. But they may face challenges identifying predictive behavioral patterns to drive dynamic workflows and refine segmentation on new business.
Analyzing complex historical information for rapid consumption demands deep data—and a major IT commitment. The result: Many insurers simply focus on a snapshot in time when they could do much more with a chronological, 360-degree view of risk.
Verisk’s Coverage VerifierSM (CV) is a comprehensive, versatile, and data-forward solution that can help personal auto insurers segment risks using traditional analytics such as proof of existing insurance. But Verisk’s proprietary structure challenges the industry’s status quo by delivering every policy change for up to seven years, providing unique insights into the applicant’s full transaction history—with no need to solve the riddle of time travel.
The next evolution: Enabling innovative, data-forward, point-of-quote use cases
Based on voice-of-the-customer research, Verisk has developed Coverage Verifier Analytic Objects (CVAO), harnessing the power of more than 60 actionable, summarized, simple-to-consume analytics designed to identify critical insured- and policy-level insights upfront.
A new standard for personal auto insurance policy history solutions enables forward-thinking use cases. Unlocking predictive behavioral patterns around such criteria as shopping, payment and endorsement habits, and retention leads to discoveries that can be leveraged at the point of quote. These insights can inform tailored workflows, modernized buying experiences, and improved profitability.
While insurers have tackled some of the above use cases in-house, CVAO helps simplify decisions and brings innovation forward. Insurance-ready analytics can be integrated across many systems with minimal demand on IT resources, and CV’s vast data fuels a growth and profitability engine with diverse insights: What if you could identify an applicant who has had five policies canceled for nonpayment in the past seven years? Would you handle that quote flow differently and perhaps require a down payment or payment plan upfront?
Get the most out of policy history to gain future competitive advantages
It takes holistic customer data, laser-focused segmentation, and actionable analytics—delivered seamlessly at the point of quote—to modernize insurance buying while confidently assessing risk and growing profitably.
Verisk is transforming what’s possible by applying insurance and actuarial expertise to analyze deep data and bring actionable insights to the point of quote and beyond. And to drive future innovation, we’re pioneering research into loss and retention models. In addition, you can simplify CV integration and automate underwriting with LightSpeed®.
To learn more about forward-thinking coverage history analytics, ask your Verisk account executive about a proof-of-concept test or visit verisk.com/cvauto.