The International Car Rental Show (ICRS) is a significant event for the rental car industry—gathering experts, innovators, and professionals to discuss trends, challenges, and solutions in the car rental sphere. This year, our team had the privilege to attend and sponsor the conference. Here's what we learned:
Our 10 learnings from ICRS
- Data integration is key: With more and more credit cards removing their auto insurance coverage for their consumers, rental car companies need to be able to verify insurance more often than not. Seamless integration of automated insurance verification into rental car software streamlines operations, enhancing efficiency and accuracy in managing insurance-related processes.
- AI tools matter: Embracing AI tools can allow rental car companies to stay compliant while automating their verification processes to serve more customers, faster.
- Manual processes aren’t gone: Many rental car companies are still verifying auto insurance manually by back-and-forth phone calls—this causes delays or even gaps in insurance coverage, leaving rental car agencies vulnerable. Instantaneous verification of insurance coverage is necessary as it enables rental companies to make informed decisions swiftly, reducing these potential liabilities.
- Enhanced security protocols: Implementing robust security measures for online data is imperative to safeguard sensitive customer information during the verification process, ensuring data privacy and trust.
- Customization is crucial: Tailoring insurance verification solutions to the specific needs of rental car companies and software platforms optimizes functionality and user experience, fostering seamless integration and adoption.
- Scalability is top priority: As rental fleets expand, scalable verification solutions accommodate growth without compromising performance, providing flexibility and reliability in operations.
- Analytics empower decision-making: Leveraging data analytics within insurance verification systems offers valuable insights into trends, patterns, and risk factors, empowering rental companies to make informed business decisions.
- Educating stakeholders is vital: Comprehensive training and support for rental company staff and software users are essential for maximizing the benefits of automated insurance verification, ensuring proficiency and confidence in utilizing the technology.
- Adaptability drives innovation: Continuous innovation and adaptation to evolving industry trends and technological advancements are critical for maintaining competitiveness and relevance in the car rental market.
- Partnerships foster growth: Collaborating with industry partners, insurers, and technology providers, like MeasureOne, fosters growth, drives innovation and creates value-added solutions to meet the evolving needs of rental car companies and their customers.
ICRS 2024 served as a platform to learn key insights into the rental industry and offereed networking opportunities and collaboration within the industry. As we reflect on the insights gained, we remain committed to advancing automation, efficiency, and reliability in insurance verification, empowering rental companies to thrive in an ever-changing landscape. Already looking forward to next year’s conference, we’re excited to continue to drive innovation and excellence in the car rental industry.
Attended ICRS 2024? 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.