Motor vehicle report services improve risk selection, reduce fraudBy Visualize Editor | April 1, 2014
Policyholder driving violation information is an important part of auto underwriting. But the high expense requires insurers to think beyond just ordering a motor vehicle report on every driver. Verisk’s Motor Vehicle Report Services suite provides auto writers with sophisticated tools to optimize their spend. The services include motor vehicle reports (MVRs), a violation predictor model, Driver Discovery, and Violation Monitoring.
- We can provide full driver abstracts from all 50 states and the District of Columbia. And our intelligent ordering system can combine the use of archive and database MVRs with our violation predictor model so that you order only the information you need.
- Driver Discovery helps you find new drivers throughout the policy life cycle. It monitors policyholder households for newly licensed drivers and drivers who’ve moved into the household. You get alerts only for drivers who don’t have coverage through another policy. Our ability to check for outside coverage virtually eliminates underwriters having to chase down false leads.
- Violation Monitoring tracks drivers for violations throughout the policy life cycle. Depending on the thresholds you set, you’ll receive either an alert or an MVR. You can access driver violation reporting — including a five-year history of MVRs — through our online portal, create custom queries, and search large volumes of data.
The advanced tools and analytics in the suite can help you improve risk selection, control expenses, reduce fraud, and maximize premium accuracy.
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