RISK:check Suite
RISK:check Point of Sale | RISK:check Renewal | Precision Reunderwriting
Are your applicants telling the truth?
Take on premium leakage and underwriting fraud with data-driven insights across the policy life cycle.
Annual premium leakage for the industry1
Decline in application integrity2
ROI from prioritized pursuit of missing premium over policy life cycle3
Application and rate integrity can be a struggle
Inaccurate data (fields) from consumers
Misrepresentation and fraud
Gaps overlooked during soft markets
Weak prefill data
Remote transactions
Growth pressures: speed over accuracy
Vehicle-related discrepancies
“Foreign drivers” hiding violations
RISK:check Point of Sale
RISK:check Point of Sale
Fast-track your best risks
Leverage one of the most advanced predictive models for underwriting available to the personal auto market. RISK:check Point of Sale acts like a stoplight to fast-track low-risk applicants and guide additional due diligence for prospects with a higher risk of fraud.
RISK:check Renewal
RISK:check Renewal
Keep your book clean with current data
4 out of 10 policies change drivers, vehicles, or address each year1. RISK:check Renewal is a sophisticated system that can help you uncover flaws in rating data quickly and efficiently.
- Exclusive analytics to draw insight from deep data resources
- Statistical algorithms to flag policyholder information for follow-up
- Verification of commuting distance, mileage, garaging, drivers, vehicle use, and more
Precision Reunderwriting
Precision Reunderwriting
Keep your renewal book of business fresh
Correct rating errors and recover lost premium with an effective and efficient policyholder contact solution. Leading personal auto insurers are widening the gap with their competitors by elevating the customer experience and ensuring profitable retention with Precision Reunderwriting.
Innovation papers
Application Integrity — The Whole Truth
Three large national auto insurers were looking to deepen their understanding of a conundrum many insurers share: Their loss ratios were rising at an alarming rate.
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The Challenge of Auto Insurance Premium Leakage
Personal auto insurers have at least a $29 billion annual problem: premium leakage—omitted or misstated underwriting information that leads to inaccurate rates.
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Unlocking One-Rate Auto Insurance Acquisition
Fundamental market shifts are transforming personal auto insurance. How can insurers unclog the sales pipeline and boost customer loyalty?
Download now- The Challenge of Auto Insurance Premium Leakage, Verisk, 2017
- Verisk client analysis, March 2021; 22% decline over eight years as measured by average RISK:check continuum score compared across four-year time periods: 2019-2012, 2013-2016, and 2017-2020.
- Verisk client analysis, March 2021