JERSEY CITY, N.J., April 29, 2014 — Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics (Nasdaq:VRSK), today announced the availability of RISK:check® Virtual Inspector, a new mobile application designed to improve the automobile insurance underwriting process. The new app uses patent-pending technology to enable agents and consumers to capture real-time images and information during the quote or application process.
Many insurance companies offer mobile apps to help policyholders manage coverage, pay bills, or report claims. But few carriers have used the smartphone to improve the quote or application process with new data and analytics. “The Virtual Inspector app offers real advantages for consumers, agents, and insurance companies,” said John Cantwell, vice president of auto product management, Verisk Underwriting.
Consumers are now very comfortable providing information, including photographs, via their smartphones, especially when they know it could be helpful in a future claims situation. And insurers will benefit from real-time information, such as the exact location of the consumer’s vehicle and the ability to capture important rating and underwriting information quickly and easily. According to Cantwell, “I think we’re just beginning the journey where mobile-based images, information, and analytics will improve the customer experience while simultaneously helping insurers improve underwriting accuracy.”
A demo version of Verisk’s RISK:check Virtual Inspector is available in the app stores for both Apple and Android smartphones. The app requires a one-time registration using the customer’s e-mail address and cell phone number. Once registered, users can employ the application to “inspect” their vehicles. The new technology includes a vehicle identification number (VIN) bar code scanner and decoder. The demo application will return a real-time PDF report for each inspection to a user-provided e-mail address.
According to Cantwell, “The demo app is a ‘lite’ version of the technology we’ll customize for each insurance company based on product, market, workflow, and proprietary data needs. It’s intended to allow Verisk’s customers to ‘imagine the possibilities’ of mobile image and data capture in the underwriting process.” And while the demo app is designed to help determine personal auto risk, the Virtual Inspector platform supports virtually any insurable asset. Added Cantwell, “We hope our customers will have some fun with the application while considering how the technology will improve the insurance underwriting life cycle.”
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.