Cogitate has launched a Commercial Auto rate, quote, bind, issue, and post-sale service (endorsements, cancelations, reinstatements, renewals, etc.) within its next-gen digital insurance flagship solution, DigitalEdge.
With this innovation, users get a well-structured and organized dashboard that gives agents and underwriters a visual representation of pending tasks, a historical timeline of policies bound, ongoing actions within live policies, and simple navigation. The solution provides agency and underwriting mapping in complex policy conditions where experienced underwriting is needed. Pre-configured with Verisk’s ISO rates, rules, and forms, and integrated with multiple 3rd party risk information providers, the application auto-populates and pre-fills commercial vehicle and driver data in seconds which maps to the business, saving several minutes within an hour for agents (adding in bulk by uploading customizable spreadsheets).
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The Commercial Auto application is integrated with Cogitate’s powerful comparative rating engine giving multiple premium options based on multiple carriers’ rates. Alerts are provided to underwriters on potential risk factors in a policy so that corrective actions can be immediately taken by changing coverages or manually adjusting premium amounts (based on the underwriter). The application is agnostic in that it integrates with management systems and document management systems across the board (solution is pre-integrated with Vertafore’s AIM and ImageRight). Another unique feature of the application (one mentioned as crucial to the process) is the ability to manage ‘out-of-sequence’ endorsements by automatically recalculating all balances for policies from the first endorsement throughout the life of the policy.
Arvind Kaushal and Jacque Schaendorf, Co-Founders of Cogitate, explain, “Our digital platform empowers users in the insurance value chain with modern, future-ready technology that improves distribution with on-demand access and insight to grow their business. While Builder’s Risk already exists in our DigitalEdge Platform, Commercial Auto is a huge step for our users to start their digital journey into Commercial Lines. Next to be added to our digital platform is Cyber Liability, followed by General Liability, Commercial Property, and then Commercial Package.”
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