Price Digests Launches TruckBody IQ™, a New Commercial Auto Insurtech Solution

Price Digests Launches TruckBody IQ™, a New Commercial Auto Insurtech Solution
More than 65% of commercial trucks on the road are estimated to be under-insured[1]; TruckBody IQ™ uses advanced analytics to calculate complete truck configurations, reducing premium leakage for the commercial auto industry.

ATLANTA, GA; November 10, 2020 – Price Digests, a leading provider in vehicle data, analytics, and automation for commercial lines insurers, today announces TruckBody IQ, a first-to-market API suite designed specifically to increase quote accuracy, help mitigate risk, and reduce premium leakage in an industry losing up to two billion dollars each year on underinsured commercial vehicles. TruckBody IQ™, coupled with Price Digests’ industry leading commercial truck VIN prefill solution, increases the accuracy of Original Cost New (OCN) calculations to support premium lift.

The integration of these critical data points enables new factors to help carriers: increase speed to quote, reduce premium leakage, mitigate overall risk, and drive enhanced accuracy in the rating, underwriting, and quoting processes.

  • Improve Speed to Quote: Eliminate agents’ time-consuming manual work, as well as human error. TruckBody IQ™ automates this process using enhanced, integrated data to calculate a more accurate estimate in real-time.
  • Reduce Premium Leakage: TruckBody IQ™ combines analytics and automation to create predictive outcomes to more accurately price premiums for the commercial vehicles on the road today.
  • Mitigate Overall Risk: Often, a traditional VIN prefill only reflects part of the actual vehicle being insured inserting unnecessary risk throughout the life of the policy.
  • Enhance Accuracy: In order to more accurately insure and assess premium, TruckBody IQ™ provides the relevant data points to more accurately assess value during underwriting, enhancing accuracy and profitability throughout the lifecycle of the policy.

“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,” said Dan Smith, Managing Director, Price Digests. “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.” TruckBody IQ™ fills in the gaps between the underreported OCN from the VIN prefill versus the actual OCN with the equipped truck body leading to extremely significant OCN lift.

To learn more about Price Digests TruckBody IQ™, visit https://pricedigests.com/api/truckbody_iq/

[1] Based on primary research of commercial auto data available through Price Digests, part of Informa’s Asset Intelligence.

 

About Price Digests

For over 100 years, Price Digests, a division of Informa, has been a leading provider in vehicle data, analytics, and automation for insurance, finance, government, and dealer markets through its portfolio of VIN Decoding, Specs, and Market Value data solutions for the commercial truck, passenger vehicle, marine, powersport, and recreational vehicle asset classes. Our data solutions help enterprises drive competitive advantage through asset data workflow efficiencies while also playing a pivotal role in decisions surrounding the purchase, valuation, operation, and risk mitigation of assets.

About Informa

Informa PLC is a leading, international business to business Information Services Group, operating in over 30 countries. We create transaction-led exhibitions and content-based events, specialist data, intelligence, and marketing services products, as well as scholarly research and specialist reference-led academic content. Our products and services help businesses and professionals connect, learn, do business, and gain an edge over the competition. Informa is listed on the London Stock Exchange and is a member of the FTSE 100.

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Media Contact:

David A. Minett, Jr.
Product Marketing Manager
Price Digests | FleetSeek

E: david.minett@informa.com