It’s a tough climate for the commercial auto insurance industry, as carriers and brokers struggle with ever-rising combined ratios. To make matters worse, the cost-cutting solution results in less driver risk data, due to:
- Only running MVRs at renewal every three years
- Sampling a small dataset of drivers at bind and renewal
- Requiring agents to provide MVRs
- Increasing premiums and deductibles
It can turn into a vicious cycle: not enough data leads to more losses, leading to less data, which in turn leads to more losses. It’s paramount that carriers and brokers implement a better solution – before they end up pricing themselves out of the market. The great news is more and better data is out there. It just takes a new approach to access existing data.
What Does a Good Solution Look Like?
In our recent webinar, Leverage Driver Risk Data to Reduce Losses and Claims, our team of experts explores how our driver monitoring platform, Qorta, helps thousands of commercial policyholders accurately identify and manage risk — violations, license status, crashes and claims — while keeping their driver roster up to date. This is nothing new: policyholders have been running pre-hire MVRs and continuously monitoring drivers for years and years.
The new twist is that carriers and brokers working alongside their clients who use Qorta are able to better manage that risk. This is thanks to the innovative new feature, Portfolio Insight, designed for carriers and brokers to see into and across their Qorta clients.
With Portfolio Insight, configurable permissions let clients or policyholders use Qorta as an agreed-upon source of truth when it comes to driver risk. The platform allows carriers and brokers to probe deep into each policyholder’s risk profile. Risk managers can also compare driver risk data across all accounts, helping to identify risk trends.
What Are the Benefits of Portfolio Insight?
With Portfolio Insight, there’s no need to view data in silos anymore. Portfolio Insight combines driver risk data from all your account sources and displays it in one place. This includes MVR data, CSA data, training and crash & claims. And your clients get the same view, but at a company level, using Qorta.
In our webinar, we explore the multitude of benefits that Portfolio Insight and Qorta offer to carriers, brokers and their clients, including:
- The ability to interpret data and help policyholders understand and proactively manage their risk
- An efficient way to ensure policyholders comply with safety guidelines that they either set themselves or that a carrier has recommended based on best practices
- The ability to group together particular policyholders to provide unprecedented visibility into an entire book of business
- Real data that are continuously updated, down to the individual driver level
- An understanding of future risk for crashes and claims, which is especially important when it comes to hired and non-owned drivers
- And so much more
To learn more about Portfolio Insight and demo this new feature, watch our on-demand webinar, Leverage Driver Risk Data to Reduce Losses and Claims today.