Wholesalers, MGAs, Agents, and Carriers can now use the DigitalEdge Platform to rate, quote, bind, issue, and provide post-sale service Commercial Auto using a robust omnichannel insurance ecosystem that integrates multiple channels, partners, 3rd party data services, and a sleek User Interface (UI).
FREMONT, CA: Within its next-generation digital insurance flagship product, DigitalEdge, Cogitate has introduced a Commercial Auto rate, quote, bind, issue, and post-sale service (endorsements, cancellations, reinstatements, renewals, and so on).
Users gain a well-structured and organized dashboard with this innovation, which provides agents and underwriters with a visual depiction of pending activities, a historical timeline of policies bound, ongoing actions inside live policies, and simple navigation. In complex policy situations where experienced underwriting is required, the solution provides agency and underwriting mapping. The program auto-populates and pre-fills commercial vehicle and driver data in seconds, which maps to the business, saving agents several minutes within an hour. It is pre-configured with Verisk's ISO rates, rules, and forms and integrates with several 3rd party risk information sources (adding in bulk by uploading customizable spreadsheets).
Cogitate's strong comparative rating engine is connected with the Commercial Auto application, providing different premium possibilities based on multiple carriers' rates. Underwriters receive alerts about potential risk factors in a policy, allowing them to take rapid corrective action by modifying coverages or manually adjusting premium levels (based on the underwriter).The program is platform-neutral, integrating with various management and document management systems (the solution is pre-integrated with Vertafore's AIM and ImageRight). Another unique feature of the application is the ability to manage 'out-of-sequence endorsements by automatically recalculating all balances for policies beginning with the initial acceptance and continuing through the policy's life cycle.
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."