Online Companies Inject Speed and Ease into Auto Insurance Shopping with Verisk Solution
May 17 2022 - 9:00AM
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.
To learn more about Verisk’s personal auto solutions, visit
verisk.com/personalauto.
About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and
solutions for the insurance and energy industries. Through advanced
data analytics, software, scientific research and deep industry
knowledge, Verisk empowers customers to strengthen operating
efficiency, improve underwriting and claims outcomes, combat fraud
and make informed decisions about global issues, including climate
change and extreme events as well as political and ESG topics. With
offices in more than 30 countries, Verisk consistently earns
certification by Great Place to Work and fosters an inclusive
culture where all team members feel they belong. For more, visit
Verisk.com and the Verisk Newsroom.
About Roamly
Roamly Insurance Group (Roamly) is the first full stack
insurtech for enthusiasts with an embedded offering, unlocking RV
insurance to make owners' vehicles 'rent ready.' Roamly provides
unique digital insurance products that eliminate the commercial use
exclusion clause that prohibits online renting activity. Our
insurance provides the clarity that owners need to ensure their
vehicles are affirmatively allowed to be rented on platforms like
Outdoorsy. For more information, visit www.roamly.com.
About Way.com
Way.com is the leading financial platform for car ownership,
where 5 million drivers have discovered high-quality car services
in one destination. The team at the #1 auto super app believes car
ownership should be affordable for all Americans. Customers saved
millions in 2021 with the company's tech-forward approach, as they
signed up for the best auto insurance and parking rates in-app in
seconds. The car services marketplace also finds and reserves the
best city and airport parking, offers roadside assistance, auto
refinance, sets customers up with the top-rated car washes in the
area, and has partnered with parking locations, and car washes, in
addition to and providing insurance spanning all 50 states. For
more: Way.com
*Patented and trademarked by Equifax
Media Contact
Ali Herbert
Ali.Herbert@verisk.com
201-469-3998
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