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

| November 11, 2020

More than 65% of commercial trucks on the road are estimated to be under-insured1; TruckBody IQ™ uses advanced analytics to calculate complete truck configurations, reducing premium leakage for the commercial auto industry

Price Digests, a leading provider in vehicle data, analytics, and automation for commercial lines insurers, 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.

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