Commercial Auto Insurance Software

Applications and related customer documents (vehicle titles, auto mileage details, maintenance documents, copies of driver licenses, etc.) are automatically aggregated from email, agent CRM, an insurance portal, etc. Paper applications and documents can be auto-converted to the chosen digital format using OCR.

Image analysis techs and machine learning are used to extract the insured’s business, auto, and driver information (driver license numbers, VINs, etc.) from the obtained documents. The data gets automatically cross-referenced with information from reliable third-party sources like local DMVs and credit rating bureaus.

Customer risks get scored using custom rules or AI algorithms based on a customer’s industry, claims history, safety programs, vehicle characteristics (type, ownership, value, utilization history), and driver characteristics (age, experience, health state). Risk scores are automatically recalculated after claim events and changes in vehicle state.

Individual commercial auto insurance premiums are calculated based on an insured’s risk profile, the requested coverage amount and duration, risks covered (e.g., auto damage, driver injury, third-party liability), mileage plans and deductibles, and business profitability goals. An intelligent engine can suggest the optimal personalized premiums.

Tailored quotes get automatically generated and submitted to potential customers. Once a customer accepts the quote, the software issues an invoice with the agreed payment terms. Custom software can facilitate automated billing for conventional and usage-based commercial auto insurance.

Policies get automatically issued, endorsed, and renewed based on user-defined rules. Insurers can create custom policy templates specific to the insured vehicle type, language, and location using a no-code template editor. Issuers and customers can securely sign policies using an e-signature.

You can automatically process FNOLs and multi-format claim evidence (e.g., police reports, photos and videos of the damaged cars and injuries, sensor readings from vehicles’ GPS trackers and ELDs, handwritten testimonies from accident witnesses) using image analysis, big data processing, and generative AI (specifically, LLM) algorithms.

The collected claim data are auto-validated against the insurance policy terms, data from local police administration and medical bureaus, traffic control and surveillance cameras, third-party GPS and navigation systems, and business claim registries. Fraud detection algorithms instantly spot suspicious claims and route them for a manual check.

Integrating software with robo-inspectors (drones) enables remote inspection of commercial fleet damage. The software runs automated loss evaluation and prioritizes claims for settlement based on damage severity. Loss adjusters can calculate due compensation amounts based on custom formulas and automatically generate damage investigation reports.

Valid claims are paid automatically in the form of reimbursement to claimants and third parties or direct payments to loss-handling service providers. Coding the insurance policy and payout terms in blockchain smart contracts enables fully automated risk-triggered payments under an innovative vehicle parametric insurance model (e.g., for fleets operating in disaster-prone regions).

Underwriters can predict the risks for each vehicle based on factors like vehicle state, driver age, crime in the area, etc. Integrating software with fleet, weather, and GIS tracking systems allows spotting risky events that may result in compensable losses in real time.

Fleet managers and drivers get instantly notified of potential exposures like dangerous driver behavior or extreme weather conditions and are guided on steps to mitigate risks (e.g., reduce driving speed, make a stop, change the route).

The software enables real-time KPI tracking across sales, underwriting, claims processing, finance, and other areas. Predictive analytics serve to forecast the required metrics and events, including high-risk driving and vehicle state events for insurance customers.

Commercial auto insurance KPIs are automatically reported to the relevant employees and senior management. The software generates disclosure reports in compliant formats and, once the reports are approved, can submit them to the regulators (e.g., IFRS17, NAIC, NICB FMCSA, DMV).

Commercial auto insurance customers can use portals to apply for coverage, make payments, overview policies, file claims, and monitor claim resolution progress. Intelligent virtual assistants help portal users solve common issues 24/7.

The software and data it stores are protected via multi-factor user authentication, role-based access control, data encryption, and intelligent user behavior analytics (UBA). Custom software can be built in full compliance with KYC/AML requirements, SOX, GDPR, NYDFS, CCPA, SOC1/SOC2, and more.