In a significant development aimed at streamlining operations and reducing risks for dealerships and car rental companies across the US, TSD and Axle have joined forces to introduce instant insurance verification. This partnership marries TSD’s extensive reach within the vehicle rental and dealership sectors with Axle’s innovative insurance data API, promising a more efficient and clearer process for businesses and their customers alike.

TSD, recognized as the world’s leading provider of loaner and car rental software, serves a vast clientele comprising 16,000 car rental and dealership customers. The partnership with Axle, a frontrunner in providing universal APIs for insurance data, is set to address a pressing issue within the auto industry: the annual unrecovered loss of up to $40,000 and countless hours that companies spend verifying insurance without access to verified information. This collaboration not only aims at mitigating these losses and saving time but also significantly enhancing the customer service experience by streamlining the insurance verification process.

The problem of unrecovered losses and the time-consuming process of insurance checks has long plagued the automotive industry, often leading to frustrated customers and strained resources for companies. By leveraging Axle’s technology, TSD’s integration allows for immediate verification of insurance, clarifying coverage issues for customers on the spot and thus, contributing to a smoother, more efficient operation flow.

The integration of Axle’s services into TSD’s software platform is expected to usher in improved risk management practices across the automotive ecosystem. Given TSD’s exclusive contracts with 18 Original Equipment Manufacturers (OEM) mobility programs, the roll-out of these services is poised for success, backed by strong existing corporate relationships.

Shawn Concannon, the President of TSD, highlighted the customer-centric approach behind this initiative, commenting on the years of working together with Axle to design an insurance verification solution that not only reduces risks and costs for stakeholders but significantly betters the customer experience.

Axle’s reputation as the “Plaid for Insurance” underscores its pivotal role in this partnership. Similar to how Plaid revolutionized financial services by simplifying data transfer between banks and applications, Axle aims to demystify insurance coverage for customers and businesses alike. The end goal is to cut through the often complex web of car insurance, making it easier for everyone to understand their coverage, according to Armaan Sikand, Co-founder and COO of Axle.

This initiative reflects a broader trend in the auto industry towards leveraging technology to solve traditional problems, from increasing operational efficiency to enhancing customer satisfaction. TSD’s global footprint, impacting operations in 92 countries across six continents, combined with Axle’s advanced technology and strong backing from influential investors—including Google’s AI-focused venture fund and Y Combinator—sets the stage for a transformative shift in how insurance verification is handled in the auto industry.

As the partnership between TSD and Axle unfolds, it promises not only to redefine the insurance verification process but also to significantly influence operational practices within the automotive sector at a global scale. This alliance marks a step forward in harnessing technology to solve age-old industry challenges, making the process more transparent and user-friendly for businesses and customers alike.