Tech innovations to improve car rental processes

Key takeaways: 

• Learn how to use technology integrations as a competitive advantage
• Automated auto insurance verification is a significant way to mitigate risk
• Learn where and how to use API-driven data access for rental car process improvement

The car rental industry is essential for consumers—that’s why there are hundreds of agencies competing to provide consumers the best rates and car deals out there. Staying ahead of the competition requires providing the best customer experience from start to finish. Implementing technology as a compliment to current processes is the smart, and more cost-efficient, way to stay competitive. From streamlining operations to enhancing customer experiences, tech innovations can fully reshape the way rental car companies conduct business. And some of those upgrades, like automated auto insurance verification, are easier than you might think to implement. 

Using software solutions for business optimization

Rental car agencies already significantly embrace technology —from fleet management software, online reservation and booking systems, to industry-specific customer relationship management (CRM) software— technology that ensures a positive customer experience along with more efficient operations provides tremendous benefits to the rental car industry. Transitioning from manual and traditional methods of fleet management, booking, and the like has been essential to driving smooth operations.

Yet there is still one piece missing from allowing rental car companies to fully automate their processes—auto insurance verification. 

Automating Auto Insurance Verification

Gathering and verifying customers’ personal insurance data plays a huge part in protecting car rental assets. In fact, it helps:

• Meet minimum insurance requirements:  It ensures that renters meet the minimum insurance requirements set by the rental company and local regulations, protecting the interests of the rental agency and safeguarding the renter, assuring them that they have adequate coverage in case of an accident or damage to the rented vehicle.
• Handle diverse consumer driving habits:  Rental cars are taken out on the road by various individuals, each with different levels of experience, driving habits, and rental car needs. Verifying auto insurance ensures that renters have a financial safety net in case of an accident, damage, and wear of their vehicle from those habits, reducing the risk of potential financial disputes between the renter and the rental agency.
• Protect assets, reduce liabilities, and stay compliant: Rental car companies possess a valuable fleet of vehicles. In the unfortunate event of an accident, it's imperative that the rental company's assets are protected. Valid insurance coverage helps safeguard against costly repairs and potential loss of income from rental downtime.

API-Driven Data Access and Verification

To automate access to and verification of auto insurance data, rental car companies should lean on API-driven technologies. As the systems are already in place to find the data agencies need, leaning on a software-as-a-service (SaaS), like MeasureOne, can be a cost-efficient and streamlined way to drive automation. With MeasureOne, here’s how it works:

1. The car rental company integrates MeasureOne into their online car booking system
2. The company requests the auto insurance data for a renter via a request in the online booking system  
3. The renter logs into their online auto insurance account or provides their auto insurance documents via document upload
4. Once connected, MeasureOne instantly retrieves or parses the requested data. This data can include details about individual policies, including policyholder information, coverage types, coverage limits, deductibles, premium amounts, and policy effective dates.
   
   

How rental car companies can drive efficiency and positive CX with automated auto insurance

For rental companies and their renters, timing and efficiency are the most important to get cars rented. Instant access to auto insurance data via automation is the key to ensuring both the rental agency and their renters are happy. The key benefits are clear:

Operational efficiency and cost savings: integrating automated auto insurance verification allows rental companies to continue to streamline their operations by simplifying and expediting the insurance verification process, reducing the time renters spend at the counter and ensuring that vehicles are available for immediate use. This operational efficiency can lead to cost savings by reducing labor requirements and administrative overhead, ultimately improving the company's bottom line.

More accurate coverage and risk management: By automating the verification process using real-time data, rental agencies can be confident that every vehicle on the road is adequately insured, reducing the potential financial and legal risks associated with uninsured or underinsured drivers.

Improved CX:  With automation, renters no longer need to navigate complex paperwork or engage in time-consuming discussions about insurance coverage. Instead, they can enjoy a hassle-free and expedited rental experience, resulting in higher customer ratings, positive reviews, and repeat business. The ease and speed of automated insurance verification contribute to an overall improved customer experience, making the rental process more convenient and user-friendly.

A real customer example 

Ride Rental Cars uses MeasureOne’s platform to streamline access to and verification of auto insurance data during the online car rental process. With MeasureOne, Ride Rentals Cars has been able to create a new, simplified process for customers to instantly connect their insurance account or upload a picture of their insurance card or their policy right at the time of booking. With the required insurance data available, the customer gets a transparent quote and Ride Rental Cars mitigates their risk. Automating the insurance verification process with MeasureOne has led to a simple and streamlined rental booking experience —and at a lower cost than their previous vendor.

Partner with MeasureOne

MeasureOne’s platform presents instant auto insurance data access and verification in limited steps from within any digital channel. That’s automation, faster decision-making, and better results for your car rental business’s needs.

When you partner with MeasureOne, you also gain:

• Marketing-leading coverage/conversion: 95% coverage of auto insurance carriers. Plus leading coverage in other industries.
• Lowest costs in the space: MeasureOne’s platform gathers data by API rather than manpower to verify documentation and connect to third parties and comes at a lower cost than leading competitors.
• Better technology and scalability: Technical ability to deliver a one-stop-shop for consumer data for your current and future needs, including insurance verification, and more.
• 100% accurate document processing: Your trusted fallback solution to the credentialed solution, supporting all types of documents. That’s proprietary, automated, deterministic document and image processing with 100% accuracy.

What are you waiting for? Sign up today for unlimited auto insurance verifications for 14 days risk-free.