Manual application and underwriting processes can be cumbersome, labor-intensive, error prone and inconvenient for customers who increasingly expect the ease of digital capabilities in every aspect of their lives. In this post, I’m going share some history about how a solution that has yielded benefits for the personal lines insurance market shows great promise for helping transform the commercial lines market as well.

A little bit of history

The process of adopting automation within the personal lines auto insurance market began years ago. Based on a growing marketplace desire for direct-to-consumer transactions, the need for the industry to streamline and automate its quoting and underwriting workflows became a critical strategic initiative.

LexisNexis Risk Solutions has been successful in supporting the personal lines auto insurance market in achieving its automation-related strategic initiatives, in part through an auto data prefill product. The product not only pre-populates insurance forms with necessary data, it also:

  • Reduces expenses by enhancing quote speed and accuracy
  • Enables users to quote and write more policies using existing resources
  • Reduces call time and follow-up calls to applicants
  • Improves carriers’ workflows and the customer experience

In more recent times, commercial insurance carriers have come to realize they too could gain efficiencies by utilizing a similar product for commercial auto. Subsequently, our Commercial Auto Data Prefill product was developed. It allows carriers to obtain minimal information—such as business name and address – and return vehicle and driver data that, once verified by the customer, can be used in the quoting and underwriting processes.

Not just for auto

But commercial insurance isn’t just commercial auto. There’s a growing need for a holistic prefill solution in support of the varied lines of business within the commercial insurance market. The initial need resides in the prefilling of what we call “firmographics data” or general business information (e.g. SIC, NAICS, FEIN, etc.). These data points not only translate to multiple lines of commercial business, but also are often data points that are difficult to collect and validate.

Watch the short video below to learn how a commercial data prefill solution can cover multiple lines of business.