Verisk LightSpeed Accelerator Added to Guidewire Marketplace Enabling Personal Auto Insurers to Transform Customer Experiences

Rhea-AI Summary

Verisk (Nasdaq:VRSK) has launched the LightSpeed Personal Auto Accelerator, enabling auto insurers to provide faster one-step quoting experiences in under two minutes. This solution, validated by Guidewire, uses predictive analytics to offer real-time data on drivers, vehicles, and relevant coverages, enhancing the underwriting process. Key benefits include improved conversion rates, increased customer satisfaction, and reduced fraud risk. Verisk aims to meet rising digital expectations from consumers and streamline the quote process for insurers.

Positive

• Accelerates quoting process to under two minutes.
• Enhances customer experience and satisfaction.
• Utilizes real-time data and predictive analytics.
• Helps insurers reduce fraud with better underwriting integrity.

Negative

• None.

Quality data and superior workflow drive one-rate quoting in seconds

JERSEY CITY, N.J., June 28, 2021 (GLOBE NEWSWIRE) -- As the pandemic has raised consumers’ digital expectations, personal auto insurers now have an easier way to bring faster, single-step, point-of-quote experiences to many shoppers — in two minutes or less. Verisk (Nasdaq:VRSK), a leading global data analytics provider, and Guidewire, the platform Property/casualty insurers trust to engage, innovate, and grow efficiently, have added LightSpeed® Personal Auto to the Ready for Guidewire-validated accelerators available from Verisk in the Guidewire Marketplace.

This Ready for Guidewire-validated accelerator uses data resources and predictive analytics to give insurers real-time prefill data on drivers, vehicles, coverages, licensing, violations and losses. The raw data is scored for thoroughness and potential fraud to help keep more risk-appropriate quotes active in the sales funnel.

LightSpeed Personal Auto combines Verisk’s extensive data resources and groundbreaking predictive analytics, bringing key decision points further forward in the insurance underwriting workflow. Users can apply precise business rules to each transaction, and the solution is backed by Verisk’s RISK:check® Point of Sale, improving application integrity and combatting premium leakage from underwriting fraud.

LightSpeed Personal Auto offers insurers multiple benefits and efficiencies

• Get underwriting and rating data at quote start
• Keep more opportunities active in the sales pipeline
• Enhance satisfaction and the buyer experience
• Gain access to value-matched economics that help optimize acquisition costs

LightSpeed Personal Auto is configurable and designed to help insurers boost conversion rates.

“Auto insurers are striving to keep pace with buyer expectations for smooth online transactions. A typical quote can involve dozens of questions and take more time than buyers want to spend, often resulting in dissatisfaction and lost business,” said Doug Caccese, president of personal lines at ISO, a Verisk business. “This accelerator gives Guidewire customers access to a powerful Verisk tool that helps them boost efficiency, better serve customers and guard against fraud, all on a platform they already know.”

Verisk is a Premier member of the Guidewire PartnerConnect Solution program, and Guidewire is a member of Verisk Strategic Alliances. Verisk offers a wide variety of data, information, and related products and services for insurers, agents, brokers, independent adjusters and others.

The LightSpeed Personal Auto Accelerator is one of 14 accelerators available now in the Guidewire Marketplace. Through Guidewire, insurers can access a wide range of Verisk data including driving histories, claim activities, evaluations of local fire protection capabilities and insights on building code enforcement.

For more information on LightSpeed Personal Auto, visit https://www.verisk.com/insurance/products/lightspeed/.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions, and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, and environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube

Media Contact:
Ali Krueger Herbert
551-204-6592
ali.krueger@verisk.com

FAQ

What is the LightSpeed Personal Auto Accelerator from Verisk?

The LightSpeed Personal Auto Accelerator is a new tool that allows auto insurers to provide quicker quoting experiences, utilizing real-time data and predictive analytics.

How does the LightSpeed Personal Auto Accelerator improve efficiency for insurers?

It streamlines the underwriting workflow by offering immediate access to critical data on drivers and vehicles, helping to boost conversion rates.

When was the LightSpeed Personal Auto Accelerator launched by Verisk?

The LightSpeed Personal Auto Accelerator was launched on June 28, 2021.

Which platform is the LightSpeed Personal Auto Accelerator validated for?

It is validated for the Guidewire platform, ensuring compatibility for insurers using Guidewire's systems.

What stock symbol is associated with Verisk?

The stock symbol for Verisk is VRSK.