GarageConfirm™ helps you identify and combat garaging fraud. Tapping into DRN’s vehicle location database containing more than 4 billion license plate sightings, GarageConfirm measures the time, frequency, and proximity of vehicle sightings relative to a given address.
Grouping data into clusters of sightings, GarageConfirm tells you where a vehicle has been recently identified and delivers the associated loss costs and premium differentials. You can use such data at point of sale or renewal—before binding—to help confirm the validity of garaging addresses and commute mileage provided by policyholders, spot red flags that need further investigation, and recover lost premium.
You can also use GarageConfirm in conjunction with other Verisk offerings, such as RISK:check® Point of Sale, to identify the fraud risk associated with an applicant.
Mileage-related premium leakage is a $5B annual industry problem. Our Innovation Paper explores key findings and insights to better align price to risk.
Are your applicants telling the truth? Take on premium leakage and underwriting fraud with data-driven insights across the policy life cycle.
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