Today is a big day for Kalepa — we are excited to announce the launch of the fleet and transportation module of our Copilot software. By supporting this additional line of business, we continue on our mission to help insurers write even more business, better and faster than ever before.
Commercial auto represents over $53B in annual premium for US insurers — the third largest commercial lines segment. The automotive fleets that they protect are a vital component of American businesses, transporting employees, equipment, and merchandise to anywhere they need to be.
But underwriting fleets profitably tends to be challenging and time-consuming:
- Insurers are overwhelmed with submissions, making it hard to identify and prioritize risks that are in appetite and comply with guidelines
- Large schedules of vehicles take too long to fully analyze and rate
- Underwriters need to reference scattered and poorly formatted documents and data sources that are often inconsistent
- Maintaining consistent and rigorous risk selection while under pressure to quote rapidly is challenging; without the right tools, this balancing act can quickly lead to underperformance on both growth and profitability
Solving this is not easy. Building a robust and user-friendly solution is even harder, and we are proud that Copilot now delivers a comprehensive and intuitive offering to fleet underwriters.
Copilot provides in-depth fleet insights through AI-powered analysis of a wide range of data inputs, such as news, online reviews, legal filings, the USDOT, vehicle specifications, and Motor Vehicle Records (MVRs). We have also redesigned our workflow for auto submissions, so it’s easy to find the relevant exposures and review large schedules of drivers.
Understanding fleet exposures
Real improvements in underwriting outcomes require more than just a data feed or a static report. Savvy underwriters know that it’s often difficult and time-consuming to identify the real exposures in commercial auto.
That’s why Copilot’s fleet module helps insurers:
- Use your existing data better — Copilot combines data from vehicle and driver schedules with standard sources such as the USDOT into a streamlined, digitized workflow that is easy to interpret and drives automatic guideline adherence
- Incorporate new risk signals — Copilot automatically extracts insights from sources such as news, business websites, and legal documents to surface accidents, violations, risky behavior or cargo, and other vehicle issues that don’t show up on loss runs
- Detect hidden exposures — Copilot’s AI engine identifies hard-to-spot exposures that are often invisible to a human underwriter, providing a more comprehensive and predictive picture of the risk
After the submission review is complete, Copilot’s easy integrations can send the relevant rating criteria directly into insurers’ systems for quoting. For large schedules with dozens (or hundreds) of drivers, this provides huge time savings for underwriters. Instead of retyping and formatting entry after entry, underwriters can actually focus on underwriting and winning more business.
Why launch fleet now?
There have been many changes in commercial auto since the beginning of the pandemic, and it looks like that volatility is set to continue. With recent record gas prices, fleet managers will actively explore revised route planning, which could lead to efficient-but-risky routes. Given the extra pressures on businesses due to high inflation, labor shortages, and recession concerns, there are likely turbulent times ahead for businesses that rely on fleets for day-to-day operations. All the more reason for insurers to stay ahead of the curve on profitable book growth and avoid risks that could lead to outsized losses.
On the data side, recent advances in access to telematics and GPS means underwriters now have a deeper lens into fleet performance, as well as an opportunity to partner more closely with insureds and better address their needs. However, processing all this data and generating actionable insights is cumbersome, and it remains a big gap for many insurance carriers. That’s why we built Copilot: to help underwriters make better, more profitable decisions from both new and traditional data assets.
Supporting commercial fleets has been a priority for Kalepa’s clients and for commercial insurers more broadly. We have been excited to see the early returns to our fleet customers since going live with the new module.