JERSEY CITY, N.J., May 21, 2015 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, has added Delaware to the list of states available for its Driver Monitoring service. Verisk’s suite of rating integrity solutions provides insurers with the data necessary for them to properly price risks and maintain accurate premium rates over time. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
“A recent Verisk analysis illustrated that unrecognized violations and accidents cost the U.S. personal auto insurance industry as much as $2 billion per year in unrecognized premiums,” said John Cantwell, vice president of Auto Underwriting at Verisk Insurance Solutions. “With approximately 120 million active auto insurance policies, insurers face a significant challenge ensuring auto premiums reflect all violations and accidents a driver may have on record. Verisk can help insurers closely monitor policyholder DMV activity to limit premium leakage.”
Driver Monitoring is available in many states and permits insurers to closely monitor the driving records of their policyholders. This ISO service compares data supplied by the individual state agency monitoring driver activity against insurer-provided policyholder lists. When adverse activity is discovered on a monitored driver, Verisk will inform the insurer by supplying the policyholder’s current Motor Vehicle Record (MVR).
Verisk’s comprehensive MVR reporting suite also gives insurers instant access to a complete, easy-to-read motor vehicle report for a driver under consideration for underwriting. The service lets insurers verify driving records before issuing the policy, virtually eliminating costly policy re-submissions typically due to incorrect reporting of DMV activity by an applicant.;
Both services are part of Verisk’s suite of rating integrity solutions, which help insurers price risks, reduce premium leakage, and maximize profitability.
Driver Monitoring for Delaware drivers will be available on June 1.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.