JERSEY CITY, N.J., May 16, 2013 — Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics (Nasdaq:VRSK), today announced the availability of vehicle-specific annual mileage and prior coverage information in a single point-of-sale transaction. For many carriers, prior coverage and limits represent critical underwriting and rating information. Annual mileage is a required rating factor in California and is also used by many carriers in other states.
“We’re pleased that we can now provide these important underwriting variables in a seamless prefill transaction during the quote/application process,” said Dr. Raj Bhat, vice president of analytics, Verisk Underwriting. “Prefilling a mileage estimate for each vehicle improves the customer experience. Many consumers simply don’t know their annual mileage and are forced to guess or accept a ‘national average.’ Verisk’s mileage program is a sophisticated model based on millions of verified policy records from dozens of insurance carriers.”
For many years, Verisk’s Coverage VerifierSM database has provided auto carriers with detailed information about an applicant’s prior coverage dates and lapses, limits of coverage, deductibles, and lienholder information. The addition of an accurate annual mileage estimate for each covered vehicle will provide faster and more accurate quotes while improving the customer and agent experience.
Verisk is the only provider that offers a combined prior coverage and mileage data prefill solution in a single transaction. The program will provide an annual mileage estimate for 100 percent of the vehicles listed on a quote or policy. Coverage Verifier with Annual Mileage is available immediately.
About Verisk Insurance Solutions – Underwriting
A unit of Verisk Analytics (Nasdaq:VRSK), Verisk Insurance Solutions – Underwriting is a leading source of underwriting information about property/casualty insurance risk. Drawing upon vast experience in data management, predictive modeling, and risk assessment solutions, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.