A new data pre-fill offering by Acxiom® Corporation and ISO streamlines the insurance application process for underwriters. The Prefill Plus solution comes as a result of a strategic alliance between ISO and Acxiom and provides seamless access to data from both companies, as well as from third-party sources.
According to Steven C. Craig, general manager of ISO's Auto-Property Loss Underwriting Service (A-PLUS), "A smooth and comprehensive pre-fill solution can speed the application process and reduce gaps or errors in information that can lead to costly mistakes in underwriting. Our new solution is easy to implement, with platform flexibility and a modular rules engine that will pull in data as needed for the underwriting process "” up to the quote, at point of sale."
Craig added that the joint offering will provide underwriters with more accurate and comprehensive data than either organization could supply individually. This includes more detailed information about an applicant, including:
- Additional or undisclosed drivers
- Vehicles in a household
- Current policy in force
- Historical information such as coverage, prior claims and driving history; and
- An understanding of other insurable interests, such as boats, recreational vehicles and more
"Our solution features the highest yield data, speeds the application process and increases an underwriter's knowledge of risk to drive more accurate pricing," said Darin Hicks, Acxiom's Insurance Industry Executive. "This streamlined process, combined with more thorough data, can significantly improve the customer experience and increase agent productivity."
Hicks added that carriers using the solution today have realized significant benefits, including:
Premium increase and sales productivity
- 8% more total premium
- 29% more sales closed on the first call
- 11% reduction in quote abandons
- 50% fewer touches per sale
Decreased premium leakage and rate evasion
- 18% reduction in premium leakage
More accurate pricing for the risk insured
- 26% increase in identification of additional drivers
[Numbers based on actual results from multiple clients]
ISO and Acxiom Corporation both have decades of experience combining data from multiple sources to create new solutions and improve customer workflows. ISO's A-PLUS family of underwriting products provides claims loss histories, policy and coverage-level information, motor vehicle reports, and other underwriting and workflow resources to insurers and agents. Acxiom works with clients around the world to manage large volumes of customer data, to clean, enhance and analyze data, and to use data to drive better business decisions.
About Acxiom Corporation
Acxiom Corporation (NASDAQ: ACXM) integrates data, services, and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are customer data integration (CDI) technology, data, database services, IT outsourcing, risk mitigation, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, with locations throughout the United States and Europe, and in Australia, China, and Canada. For more information, visit www.acxiom.com.
About ISO
ISO is a leading provider of products and services that help measure, manage, and reduce risk. ISO provides data, analytics, and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government, and human resources. Clients use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO's services help customers protect people, property, and financial assets. For more information, please visit www.iso.com.
