What’s New with TruckBody IQ® Intelligence Solution?
Commercial truck insurance is a tough business. Between skyrocketing settlements and runaway inflation, preventing premium leakage is mission critical for insurance carriers. That’s where Price Digests’ TruckBody IQ® Intelligence Solution comes in. TruckBody IQ® provides underwriters with super-fast access to complete commercial truck values so you can generate more accurate quotes quickly.
It’s been a little over two years since we launched our exclusive TruckBody IQ® Intelligence Solution, and the product’s only gotten bigger and better since then. “Our clients tell us that they have been able to reduce risk in their commercial truck business with more accurate underwriting. They believe there is potential to capture millions of dollars in premiums that cover the completed truck, not just the cab and chassis,” says Brian Stamper, Manager of Strategic Accounts. “It’s really an exciting step forward in building a more profitable commercial truck book of business .”
What Is TruckBody IQ®, and Why Is It So Important?
In our analyses, we’ve found that, on average, up to 65% of commercial trucks may be undervalued. The problem is that it’s hard to fully capture Original Cost New (OCN) without knowing the true value of the final truck configuration as upfitted, not just the cab and chassis. A dump truck or tanker body could be tens of thousands of dollars more than a flatbed, but they will look the same if you only look at the VIN. We’ve talked about just how much values can vary for completed truck configurations in a previous article.
It’s a battle between accuracy and speed. Insurance professionals often have to choose between waiting for information about the final truck configuration or relying on guesswork so they can produce a quote quickly and keep the sale on track.
TruckBody IQ® leverages Price Digests’ industry-leading data sets and our proprietary analytics to provide real-time data on full truck configurations. It integrates within your policy admin system so everyone can produce more accurate quotes without slowing down the sales process.
What’s New With TruckBody IQ®?
TruckBody IQ® is increasingly becoming an essential resource for insurers. The user base has grown, with August of 2022 being an especially busy month. The number of TruckBody IQ® API calls rose sharply, more than quadrupling usage in the last few months of 2022. This increase coincided with the release of the partial automation feature. “Our fully automated product focuses on speed of quote,” according to John Arnold, who is instrumental in creating the intelligence solution at Price Digests . “The carriers integrate our data into their underwriting workflow to assign additional value for the truck bodies. With the partial automation feature, you can achieve a more accurate valuation with a little extra time and effort required. Both approaches have their benefits, depending on the carrier’s need.”
With so many potential truck configurations to choose from, TruckBody IQ® now makes it easier to build accurate specifications. Our data and development teams worked on creating more accurate sets of available bodies. When you enter a VIN or make, model, and year, the fully-automated TruckBody IQ® Intelligence Solution automatically returns completed truck values based on your business rules, and the partially-automated version allow you to create additional inputs that trigger even more accurate values.
Get Access to TruckBody IQ®
If you subscribe to the Truck Blue Book®, then you already have access to up-to-date values for truck bodies. Simply add the appropriate truck body to your incomplete configuration to get the completed truck value. TruckBody IQ® Intelligence Solution takes it to a new level by providing you with customized complete truck configurations, right within your policy admin system.
Interested in learning more? Click here to get more details about the benefits of Price Digests’ exclusive TruckBody IQ® Intelligence Solution.
About Price Digests
Since 1911 Price Digests has served the vehicle data needs of the insurance, finance, government, and dealer markets through its portfolio of VIN decoding, specifications, and market value data solutions for the commercial truck, passenger vehicle, marine, powersport, and recreational vehicle asset classes. Our data + intelligence solutions pave roads to faster and better decisions with perfect-fit data delivery, whether it’s seamlessly integrated APIs, online subscriptions or custom data delivery.