Illustrative Example Acme Construction is expanding its business, and part of this expansion includes the acuisition of a commercial truck. he compan purchases a used Peterbilt ith €‚ƒ„ …P†‡ˆ‰5DŠ5‹5 and contacts their insurance carrier for a uote. he proŒide the €‚ƒ number, and hen the €‚ƒ is keed into the carrier’s sstem for a premium uote, €‚ƒ decoding reŒeals that this specific truck as an incomplete truck hen the €‚ƒ as issued. ‘hile the €‚ƒ proŒides the carrier ith ke specifications including age, ’Cƒ, gross Œehicle eight or gross combined Œehicle eight, truck“tractor indicators, and other attributes, it does not proŒide the Œalue of the truck bod. ‚f the insurance carrier does not collect additional information than hat the €‚ƒ proŒides, risk and financial exposure are introduced, and Acme ma unknoingl not be full coŒered in the eŒent of a claim. hat’s risk for the carrier, but also risk for Acme. ‚ntelligence solutions integrated into the uoting sstem at the insurance carrier can alleŒiate the risk b looking not ”ust at the €‚ƒ decoding, but also other industr•related factors to deliŒer a range of Œalues for the insurance carrier to consider hen uoting a premium. –sing an insurtech solution, the carrier is able to accuratel uote a polic that coŒers the hole truck, not ”ust the cab and chassis. his protects both the insurance carrier and Acme Construction in the case of a claim. Price Digests • Reducing Commercial Auto Risk Exposure • pricedigests.com • 5
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