TransUnion’s Auto Prefill Solution Enables Quick, Accurate Quotes to Drive Profitability and Growth

TransUnion launched today its Auto Prefill solution intended for the underwriting of auto vehicles in the short-term insurance market. As a result of this solution, the time-consuming exercise of quoting for vehicle insurance is now a quick, easy and convenient process for both the consumer and the call centre agent.

Auto Prefill is an integrated solution that incorporates several transactions and products into one call, enabling quicker verification during the quotation stage to improve pricing and risk selection. At the same time, it minimises abandoned quotes and improves conversion rates.

Quick, efficient quotes

“Currently available online from TransUnion, this solution helps call centre agents for insurance providers by pre-populating insurance application forms with accurate vehicle information, in real time, to effectively reduce risk, increase business profitability and improve customer service,” said Samuel Tayengwa, TransUnion’s senior insurance product consultant for Africa. “It is an efficient and automated risk management solution that draws on multiple data sets to help the insurance provider optimise processes while reducing vehicle insurance risk,” Tayengwa noted.

Prefill, when combined with TransUnion’s DecisionEdge, which is a powerful, flexible suite of data analytic and decisioning solution, helps call centre agents in proposing relevant and tailored solutions to clients.

Frustration is experienced when consumers cannot provide all the necessary information to complete a quotation. By automating and streamlining processes, TransUnion’s Prefill solution helps to effectively boost conversion rates and reduce abandoned quotes. “With TransUnion’s single-inquiry solution, the call centre agent now has access to output that includes details like the Vehicle ID Number (VIN), model and make, year and colour as well as vehicle values simply by entering the vehicle registration number,” Tayengwa explained.

Saving time and money

The core benefit of Auto Prefill is that it saves insurance providers time and money. This is illustrated in a reduction in call time and an improvement in the accuracy of data. Not only does the consumer spend less time on the call, but the agent is now able to call more clients, ensuring an increase in resource productivity. There is also a tangible improvement in customer service, and instead of the client spending more than 30 minutes on a call to get an insurance quote, the entire process can now be completed in approximately 15 minutes.

By using Auto Prefill, insurance providers will have a representation of an applicant’s risk that is reliably accurate. “Having access to complete and verifiable data when on-boarding customers allows businesses to eliminate the risks associated with consumer-presented data when calculating premiums based on risk. This also supports the Treat Customers Fairly (TCF) framework by ensuring the agent is working with accurate information,” Tayengwa noted.

“TransUnion’s Prefill solution leverages multiple trusted data sources in order to provide insurers with the latest information available such as demographics, previous claims, asset etc. With accurate information, insurers can then determine the correct premium based on the right risk representation relating to the customer or prospect. In turn, this has a positive effect on profitability,” Tayengwa concluded.

Clear benefits of Auto Prefill include:

1. Reduced costs by improving speed and accuracy of quotes

3. Decreased time spent on calls and addressing data entry accuracy issues

4. Enhanced, efficient customer experience during on-boarding

5. Risk is accurately represented on application

6. More complete vehicle data for insurer’s records

7. Decreased premium leakage by reducing claim processing time, improved pricing and risk selection and improved reputation through fewer disputed claims