Vehicle complexity is increasing, and drivers are adopting new features at a rapid pace. Underwriters now have new data sources, such as ADAS features and driving behavior data, to incorporate into pricing models.Today, there can be uncertainty around the specific cost impact these new ADAS features have on vehicles or how leveraging individualized driving behavior data can inform decision making. And with the speed of innovation increasing year after year, how can underwriters keep up?As you may have seen in this recent Intelligent Insurer Q&A with Jason Verlen, CCC's SVP of Product Management says, "Stagnation is one of the biggest challenges facing underwriters today. Rethinking the approach to data will not only help insurers improve accuracy, but meet the expectations of their customers."He continued, "To maximize efficiency and productivity, data access must happen automatically, with pricing tools easily integrated into insurer workflows. Once running seamlessly on the insurer side, the benefits shift to their customers. They will find value in an easy, personalized experience and with quotes that match their specific needs."Verlen, along with Kumi Walker, Chief Business Development and Strategy Officer from Root Insurance and Marty Ellingsworth, Industry Analyst from Celent, came together to elaborate on this very topic during an Intelligent Insurer webinar.During this discussion, the group offered their perspectives on:
This timely discussion shares how these developments are altering the way underwriters analyze risk. The full session recording is available here.Learn more about CCC's Underwriting Solution Suite here.