RISK:check Renewal - Rating Integrity for Renewal Policies
RISK:check® Renewal is a sophisticated system that can help you uncover flaws in rating data quickly and efficiently. It helps you correct costly errors and restore profitability to your auto book of business.
How does it work?
RISK:check Renewal uses Verisk’s sophisticated data analytics to compare individual policy information against millions of records from numerous public and proprietary databases. The system conducts more than 100 audit checks to identify potential rating errors and assist clients with required reporting regulations.
The audit checks can include:
- commute distance
- annual mileage
- vehicle garaging territory
- unlisted drivers
- farm use
- vehicle-driver assignment
- business use
Using proprietary pattern analysis and statistical algorithms to flag questionable policyholder information, the system uncovers findings such as:
- inaccurate annual mileage on file
- misreported commute distance
- vehicles garaged at a mail-drop address
- vehicles garaged at a different address
- households with unreported operators
- incorrect vehicle-driver assignments
- potential business use of a vehicle