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Online Companies Inject Speed and Ease into Auto Insurance Shopping with Verisk Solution

Online Companies Inject Speed and Ease into Auto Insurance Shopping with Verisk Solution | Fintech Finance

Two companies are transforming the online auto insurance purchasing experience with Verisk’s LightSpeed for Personal Auto solution. Way.com, a digital agency that connects drivers with parking, car wash and auto insurance offers, and Roamly, the first embedded insurtech that connects travel enthusiasts with unique RV insurance offerings for owners and renters, are using Verisk automation to simplify the application process for auto insurance and quickly deliver quotes that meet the needs of today’s consumers.

“Verisk’s data platform has created a seamless experience,” said Way.com founder and CEO Binu Girija. “By integrating LightSpeed Auto into our mobile platform, we’re able to provide insurers with valuable vehicle and driver information they need to deliver fast and accurate quotes to our users within seconds. The analytics and the speed at which they are delivered has been a game-changer for our business.”

LightSpeed Auto combines Verisk’s extensive data resources and groundbreaking analytics, bringing key decision points forward in the insurance buying process via a single API. It also provides flexibility surrounding what data a company can access depending on their unique business model and needs. Users can apply precise business rules to each transaction, and the solution is backed by Verisk’s RISK:check® Point of Sale, which can help insurers improve application integrity and combat premium leakage and underwriting fraud.

“The pandemic has affected travel plans for many people and significantly increased demand for RV rentals online,” said Aaron Ammar, Chief Insurance Officer of Roamly. “But many RV owners are concerned about renting out their vehicles without purchasing the proper insurance. With Verisk’s advanced analytics and automation, we’ve been able to address the owners’ insurance concerns and cost-effectively provide RV renters with the coverage they need.”

For Roamly, the solution includes Verisk’s Inflection™ credit-based insurance score, powered by Equifax credit data, in combination with the Equifax InitialQuoteTM Score*, and customizations to meet the unique needs of RV owners and renters, many of whom also list or rent their rigs on Outdoorsy.

“Roamly and Way.com are creating new shopping experiences for today’s digital consumers who want to spend more time driving their vehicles and less time worrying about them,” said Doug Caccese, president of personal lines underwriting at Verisk. “By bringing the critical risk information upfront, we’ve been able to help streamline the process of buying auto insurance to convert more leads and minimize expenses for quotes that do not result in new business for our insurance partners.”

LightSpeed Personal Auto is part of a suite of innovative Verisk solutions that are used by a wide range of insurers and distribution channels to help improve accuracy and modernize underwriting and risk assessment.

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