Empower Your Team with Advanced Quoting Capabilities
Accuracy of data → bindable quote → policy sale
Let’s discuss “Rate Shock” and the importance of getting quotes accurately the first time.
A customer who spends 10 minutes completing a quote questionnaire will receive an indicative quote (rate call 1). If the price is right, the customer moves forward to purchase. At that moment, the carrier often calls in more expensive data elements (such as a credit pull, a DMV report, and a claims report) to validate the indicative quote. Industry estimates are that 40%+ of the time, the rate goes up with this new information, leading to “Rate Shock,” and more often than not, a non-sale.
By using insurance data earlier, initial quotes will be more often accurate.
Fenris has solved the top areas of misalignment with our Auto Insurance Enhanced Prefill and our Driver Record Insight API services. Auto Insurance Enhanced Prefill returns full driver discovery (including minors of driving age), vehicles, and VINs for all 50 states. Driver violations are another area that leads to surprise rates, so Fenris returns the major, minor, DUIs and accidents from its search of court records to validate for improved disclosure and accuracy.
Use insurance data early to avoid the “Rate Shock,” which discourages your customers and agents. Close more sales with accurate, real-time insurance application data prefill.
