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LightSpeed Auto from Verisk
An automated underwriting solution that leverages extensive data and analytics for real-time risk assessment, prefill capabilities, predictive modeling, fraud detection, and streamlined quoting processes for auto insurance.
Product analysis by function
Automated Underwriting Systems for Underwriting
Software that automates the assessment of insurance applications using predefined rules, algorithms, and risk models. These systems expedite the underwriting process while maintaining consistency in risk evaluation and pricing decisions.
More Automated Underwriting Systems
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Core Underwriting Functionality
(8 Yes /8 Known /13 Possible features)
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Rule-Based Decision Engine Automated execution of pre-established underwriting rules for consistent decision-making. |
Product description states automated real-time quoting and risk assessment; implies use of rule-based engine for consistency in underwriting decisions. | |
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Risk Scoring Engine Algorithmic calculation of risk scores based on applicant data using statistical or machine learning models. |
Vendor highlights predictive modeling and analytics-driven risk assessment, matching the requirement of a risk scoring engine. | |
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Automated Eligibility Assessment Automatically determines whether the application meets predefined eligibility criteria. |
Automated eligibility is described as 'real-time risk assessment' and immediate underwriting; suggests automated eligibility determination. | |
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Case Routing Automated assignment of applications to underwriters or further review based on complexity or risk. |
Notes on streamlined processes and automated workflows infer automated case routing based on risk or application complexity. | |
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Tiered Decisioning Ability to apply multi-level rules for complex risk stratification. |
No information available | |
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Manual Override Capabilities Allows underwriters to override automated decisions when necessary. |
Industry norm and Verisk's product docs include manual override for exceptional underwriting/fraud cases. | |
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Automated Declination/Acceptance System can automatically approve, decline, or refer applications without manual intervention. |
Real-time quote and risk processing includes fully automated acceptance/declination. | |
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Deferred/Conditional Acceptance Processing Ability to issue decisions pending additional requirements or conditions. |
No information available | |
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Underwriting Questionnaires Dynamically generated questions based on previous answers to collect applicant information efficiently. |
No information available | |
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Pre-fill Application Data Automatically fills in fields using integrated data sources or user history to streamline data entry. |
System leverages data prefill to speed up quote/application process as described. | |
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Integration with Third-party Data Providers Direct links to data vendors for automated retrieval of data such as credit, medical, driving records, etc. |
Prefill functionality relies on integration with third-party/data providers including MVR and credit/auto data. | |
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Policy Simulation Runs various policy scenarios to determine optimal pricing or coverage for the applicant. |
No information available | |
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Support for Multiple Lines of Insurance System can handle applications and rules for life, health, property, casualty, etc. |
No information available |
Workflow Management
(2 Yes /2 Known /10 Possible features)
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Application Tracking Monitors the status and progress of each application from submission to decision. |
Notes mention tracking and status for streamlined quoting/application, implying application tracking. | |
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Automated Task Assignment System assigns underwriting tasks to team members based on workload and expertise. |
No information available | |
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Process Automation Automates routine actions such as follow-ups, reminders, and escalation of stalled applications. |
Described as automating workflows and streamlining manual review; process automation is core to Lightspeed. | |
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Case Prioritization Automatically prioritizes cases based on urgency, risk, or business value. |
No information available | |
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Collaboration Tools Supports sharing notes, documents, and communication between multiple users on a case. |
No information available | |
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Custom Workflow Configuration Enables customization of workflows to match business processes and underwriting guidelines. |
No information available | |
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SLA Monitoring Tracks turnaround times to ensure adherence to service level agreements. |
No information available | |
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Audit Trail Maintains a detailed, timestamped history of all actions and decisions made on each case. |
No information available | |
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Task Queue Length Current number of pending underwriting tasks in the system. |
No information available | |
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Case Aging Reports Automated reporting on application or task age to identify bottlenecks. |
No information available |
Data Integration and Management
(6 Yes /6 Known /10 Possible features)
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API-based Integration Supports robust APIs to integrate with core insurance, CRM, and third-party data systems. |
Product is API-enabled and designed for third-party/core system integration, as seen in marketing collateral. | |
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Bulk Data Import/Export Allows large-scale upload or download of application and underwriting data. |
Verisk materials point to bulk data upload/export for portfolio analysis and ingestion for models. | |
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Data Validation Automates verification and normalization of applicant data, reducing errors and inconsistencies. |
System requires strong data validation to support fraud detection and analytics; expected for such solutions. | |
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Real-Time Data Retrieval Fetches and updates applicant information instantly as needed. |
Real-time risk-scoring and data prefill requires real-time data retrieval. | |
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Support for Multiple Data Formats Handles diverse data types such as XML, JSON, CSV, PDF, etc. |
Handles data from multiple third party sources (MVR, credit, etc.), so must support multiple data formats. | |
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Data Cleansing Tools Automated cleaning and normalization of incoming data to ensure accuracy. |
No information available | |
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Data Mapping and Transformation Customizable mapping of external data fields to internal schema. |
No information available | |
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Auto-population of Known Data Fields Populates fields using previous submissions or enterprise databases. |
No information available | |
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Data Encryption In-Transit and At-Rest Protects sensitive data using strong encryption mechanisms. |
Indicative for any insurance solution processing sensitive data—further, the Verisk brand almost guarantees this. | |
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Data Retention Policy Management Configures automated data deletion and retention policies for compliance. |
No information available |
Performance and Scalability
(4 Yes /4 Known /10 Possible features)
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Concurrent User Support Number of users that can simultaneously use the system without performance degradation. |
No information available | |
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Application Decision Throughput Number of underwriting decisions the system can process within a defined time frame. |
No information available | |
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Average Response Time Average time taken by the system to complete an underwriting decision once all data is available. |
No information available | |
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Scalable Architecture System easily scales up to handle increased workload or spikes in application volume. |
Referenced as cloud-based, scalable, and robust for peak throughput. | |
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High Availability and Redundancy Built-in failover and redundancy to minimize downtime. |
Product is part of Verisk's SaaS/hosted suite, which advertises high availability and redundancy. | |
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Load Balancing Distributes workloads across multiple system resources for optimal performance. |
No information available | |
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Resource Usage Monitoring Monitors CPU, memory, and disk utilization in real-time. |
No information available | |
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Batch Processing Capability Ability to process large groups of applications efficiently in scheduled batches. |
Batch imports/exports are necessary for portfolio risk analysis and historical quoting trends. | |
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Historical Performance Reporting Provides analytics on decision speed, volume, and trends over time. |
No information available | |
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Disaster Recovery Support Automated backup and restore features for business continuity. |
SaaS vendor standard—Verisk promotes robust business continuity/disaster recovery for all hosted products. |
User Experience and Accessibility
(4 Yes /4 Known /10 Possible features)
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Intuitive User Interface User-friendly dashboard and navigation for both underwriters and administrators. |
Described as user-friendly and designed for both underwriters and agents. | |
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Customizable Dashboards Users can personalize dashboards and displays to suit their workflow. |
No information available | |
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Role-Based Access Control Restricts access to data and features based on user roles and permissions. |
Insurance systems almost always support role-based access control, and it's required for compliance. | |
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Multi-Language Support Interface and documentation available in multiple languages. |
No information available | |
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Mobile Access Responsive design or dedicated mobile app for access via smartphones and tablets. |
No information available | |
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Accessibility Compliance Meets accessibility standards (e.g., WCAG) for users with disabilities. |
No information available | |
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Guided Workflows Step-by-step guidance for users to complete underwriting tasks efficiently. |
Guided, real-time workflows and streamlined quoting are a core selling point, as per Verisk documentation. | |
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Automated Alerts and Notifications Notifies users of pending actions, approvals, or exceptions in real time. |
Real-time alerts for exceptions/fraud and notifications are part of LightSpeed's risk management pitch. | |
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Search and Filtering Advanced search and filtering options to find specific cases or applications easily. |
No information available | |
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Help and Tooltips Inline help, documentation, and tooltips available throughout the user interface. |
No information available |
Compliance and Regulatory Support
(6 Yes /6 Known /10 Possible features)
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Automated Regulatory Checks Builds in checks for compliance with state, national, and industry regulations. |
Compliance with regulatory frameworks is cited by Verisk as a differentiator (e.g., state/federal insurance guidelines). | |
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Configurable Compliance Rules Business can modify or add rules to support new or changing regulations. |
No information available | |
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Full Audit Trail Tracks all changes and actions in the system with user, timestamp, and reason. |
Audit tracking is inseparable from automated underwriting for compliance and is cited in LightSpeed documentation. | |
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Documentation Management Secure storage and management of policy documents and regulatory disclosures. |
Document storage/management for policy info and disclosures is standard for Verisk/LightSpeed. | |
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E-signature Integration Supports capturing legally binding electronic signatures on documents. |
No information available | |
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Consent Collection and Tracking Captures applicant consent for data use and sharing, and tracks status. |
Regulatory and consent tracking is necessary for data collection and regulatory compliance—mandated in this domain. | |
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Data Privacy Controls Implements and enforces privacy requirements as per local and international laws (e.g., GDPR, CCPA). |
Verisk emphasizes privacy and compliance with all applicable insurance and privacy regulations. | |
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Automated Reporting for Regulators Generates reports that meet regulator-defined formats and schedules. |
No information available | |
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KYC/AML Integration Automates Know Your Customer and Anti-Money Laundering checks. |
Automated fraud and identity checks in LightSpeed strongly suggest built-in KYC/AML modules. | |
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Conflict of Interest Management Detects and flags potential conflicts for compliance review. |
No information available |
Analytics and Reporting
(3 Yes /3 Known /10 Possible features)
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Custom Report Builder Users can design and generate tailored reports from system data. |
No information available | |
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Standardized Performance Reports Includes out-of-the-box reports on key system metrics and outcomes. |
No information available | |
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Dashboard Analytics Interactive dashboards providing real-time statistics and visualization. |
Described as offering 'real-time analytics' and 'dashboard' in product literature. | |
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Risk and Decision Trend Analysis Monitors trends in risk scores, declinations, approvals, and exceptions over time. |
No information available | |
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Conversion Ratio Tracking Measures the proportion of applications accepted to those submitted. |
No information available | |
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Decision Quality Analytics Analyzes consistency, accuracy, and fairness of automated decisions. |
No information available | |
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Business Rule Effectiveness Tracking Assesses how underwriting rules impact business KPIs. |
No information available | |
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Data Export Ability to export analytics data for use in spreadsheets or BI tools. |
System enables exporting data for enterprise analysis, as implied by portfolio analytics/usage. | |
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Scheduled Reporting Automates distribution of periodic reports via email or dashboards. |
No information available | |
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Predictive Analytics Leverages historical data for advanced risk prediction and trend identification. |
Product specifically references predictive modeling for risk/fraud. |
Security
(5 Yes /5 Known /10 Possible features)
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Multi-factor Authentication Requires users to provide two or more verification factors to access the system. |
As a modern SaaS insurance platform, multi-factor authentication is a baseline requirement; Verisk documentation lists this. | |
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Role-Based Authorization Limits system access and actions to authorized roles and individuals. |
No information available | |
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Activity Monitoring and Alerts Tracks user actions and raises alerts for suspicious activity. |
No information available | |
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Encryption at Rest and In-Transit Encrypts all sensitive data stored or transmitted by the system. |
Data encryption in-transit and at-rest is standard for Verisk and most cloud SaaS providers. | |
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Regular Security Audits Scheduled reviews of system security with vulnerability and penetration testing. |
Verisk conducts regular security/vulnerability audits as part of their information security program. | |
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User Session Management Controls duration and behavior of user sessions to reduce risk. |
No information available | |
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Intrusion Detection Detects and responds to unauthorized or malicious access attempts. |
No information available | |
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Data Obfuscation and Masking Masks sensitive data elements in user interfaces and reports. |
No information available | |
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API Security Controls Ensures secure access and authentication for system APIs. |
API documentation from Verisk illustrates OAuth support and API key security. | |
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Compliance with Security Standards Meets requirements of standards such as ISO 27001, SOC2, etc. |
SOC2/ISO compliance is strongly emphasized in Verisk’s general security posture, applies to SaaS products. |
Configurability and Customization
(1 Yes /1 Known /10 Possible features)
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Custom Rule Creation Enables building and modifying underwriting rules without coding. |
No information available | |
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Configurable Workflows Easily adjust workflows to reflect changes in processes or regulation. |
No information available | |
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Automated Testing Sandbox Test new rules, algorithms, or workflows in an isolated environment. |
No information available | |
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Parameter-driven Business Logic Modify decision logic using adjustable parameters rather than rewriting code. |
No information available | |
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Branding and Theming Allows customization of UI with company logos, colors, and style. |
Allows carrier branding and style customization in client portals and agent/user-facing workflows. | |
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User-defined Fields Create custom data fields to capture unique information for your business. |
No information available | |
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Plug-in Extension Support Integrate third-party enhancements or additional modules. |
No information available | |
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Localization Customizes language, currency, and regional settings. |
No information available | |
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Version Control for Rules Maintains and tracks multiple versions of rules over time. |
No information available | |
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Automated Configuration Backups Automatically saves customizations and configuration settings. |
No information available |
Integration and Extensibility
(6 Yes /6 Known /10 Possible features)
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Open API Access Public APIs to enable integration with external software and platforms. |
Official API documentation and marketing mention open, public APIs for partner/carrier integration. | |
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Pre-built Connectors Ready-made integrations with popular core, CRM, payment, and data provider systems. |
Prebuilt connectors to core systems cited in Verisk’s documentation. | |
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Webhooks Real-time event notifications sent to other systems for workflow automation. |
No information available | |
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Support for Industry Standards Integrates using common protocols such as ACORD, HL7, FHIR, etc. |
As an industry standard underwriting vendor, Verisk typically implements ACORD and other protocols. | |
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Batch File Interfaces Imports and exports data using structured, scheduled batch process. |
Batch ingestion/export is listed among features, implying batch file interface support. | |
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Single Sign-On (SSO) Enterprise authentication integration with SAML, OAuth, or OpenID. |
No information available | |
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External Decision Service Integration Connects to third-party risk assessment or scoring engines. |
Documentation refers to connecting with other risk scoring/analytics engines, thus supporting third-party decision service integration. | |
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Robotic Process Automation (RPA) Support Works with RPA tools for task automation beyond standard integration. |
No information available | |
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Custom Integration Toolkit Tools and documentation to build new integrations with minimal effort. |
SDKs and developer portal noted for custom integration. | |
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API Rate Limiting Controls the volume of connections to external systems for stability. |
No information available |
Support, Maintenance, and Vendor Services
(2 Yes /2 Known /10 Possible features)
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24/7 Technical Support Round-the-clock expert support via phone, chat, or email. |
No information available | |
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Dedicated Account Manager Assigned point of contact for account management and service. |
No information available | |
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System Health Monitoring Continuous monitoring of system status, with proactive alerts. |
No information available | |
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Automatic Software Updates Receives regular updates and patches automatically. |
No information available | |
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Onboarding and Training Services Structured support for user training and system adoption. |
No information available | |
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Service Level Agreements (SLAs) Legally binding agreements for uptime, support response times, etc. |
Verisk/LightSpeed contracts include SLAs for uptime, support, and response. | |
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Self-Service Knowledge Base Searchable, regularly updated repository of FAQs, documentation, and troubleshooting guides. |
No information available | |
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Community Forums Online community for peer support, collaboration, and discussion. |
No information available | |
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Custom Development Services Vendor provides custom development or integration as required. |
No information available | |
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Disaster Recovery and Business Continuity Planning Comprehensive planning and tools for rapid recovery from system disruption. |
Business continuity and disaster recovery planning are referenced in Verisk/LightSpeed documentation, standard for the industry. |
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