TruckBody IQ leverages advanced analytics to calculate all the truck configurations and reduces premium leakage for the industry
Price Digests, a provider of vehicle data, analytics, and automation for insurers, has launched TruckBody IQ, a first API suite designed specifically for enhanced quote accuracy.
The company said that its new solution will help mitigate risk and reduce premium leakage in the commercial auto industry, which is losing up to $2bn on underinsured commercial vehicles annually.
TruckBody IQ, combined with the company’s commercial truck VIN prefill solution, is said to increase the accuracy of Original Cost New (OCN) calculations and support the premium lift.
Price Digests managing director Dan Smith said: “Accurate calculation of OCN of ‘incomplete’ commercial trucks with their equipped truck body as configured in practical applications has long been a pain point for insurance companies.
“We listened to our customers and specifically developed TruckBody IQ to help carriers automate the collection of OCN for commercial truck bodies when the VIN is only reporting OCN for the ‘incomplete’ commercial truck.”
Integration of the critical data points is expected to help carriers reduce time to quote, premium leakage, mitigate overall risk, and enhance accuracy in the rating, underwriting, and quoting processes.
TruckBody IQ automates the processes eliminating time-consuming manual work for agents, by leveraging enhanced, integrated data to precisely calculate estimate in real-time.
The new solution combines analytics and automation to create predictive outcomes to more accurately price premiums for commercial vehicles.
TruckBody IQ offers relevant data points for the accurate evaluation of value during underwriting, for enhancing accuracy and profitability across the policy lifecycle.
The company said that its new solution will fill the gaps between underreported OCN from the VIN prefill compared to the actual OCN with the equipped truck body resulting in a significant rise in OCN.
Price Digests is a business division of Informa, an international business to business Information Services Group.
The company is engaged in providing vehicle data, analytics, and automation for insurance, finance, government, and dealer markets through its portfolio of VIN Decoding, Specs, and Market Value data solutions.