Auto insurers are required in many states to file SR22s – certificates of financial responsibility – to affirm that drivers with a history of coverage lapses or certain serious driving violations are properly insured. A timely and complete reporting solution is critical to ensure compliance and prevent these drivers from facing suspended licenses or other penalties.
But while a handful of state jurisdictions have electronic reporting available for SR22s, many require forms to be mailed, faxed, or emailed. Insurers are forced to manage varied connections and sending methods based on these state requirements.
A new Verisk product expansion could transform this process. Verisk’s Coverage VerifierSM suite of services has expanded its SR22 reporting capabilities from four to 28 states.
Once and done
Leveraging the Coverage Verifier and CV-ALIR® platforms, CV Services enables insurers to align SR22 reporting with their automobile liability insurance reporting (ALIR) into a single workflow. Our proprietary decision engine detects reportable changes in the policy, extracts the necessary details, and distributes the change to the state. In addition to automated reporting of SR22s to the states, users will be able to view distribution details, correct errors in their files, and have the ability to print a copy of the SR22.
While automated reporting of SR22s is the most efficient method, SR22s can also be generated as needed on the CV-ALIR web portal. This manual entry option inserts the SR22 into the workflow for distribution along with those created by the automated process.
Simply contributing to Coverage Verifier can result in fewer connections and processes to manage while increasing access to cost-efficient solutions offered through CV Services. This single-filing, once-and-done approach enables insurers to focus more of their time on growing their business.
One cost-efficient source
Through a single source file contributed to Coverage Verifier, insurers have access to the suite of cost-efficient CV services: CV-ALIR, CV-Exchange®, and CV-Lender Portal.
Contact a Verisk sales representative to learn more.
