Trusting information at face value is a thing of the past. Claims professionals know this well, because they must gather information on a claimant and research prior losses to validate a claim.
As Gulf Coast communities from Texas to the Florida Keys begin a years-long recovery from the onslaughts of hurricanes Harvey and Irma, another surge is on the way. This one is not rising water; it’s salvage vehicles that were totaled in the storms’ flooding and may be dumped back on the market by the thousands after being rebuilt—or just dried out.
A new Verisk Innovation Paper, Application Integrity: The Whole Truth, explores the mystery of three large personal automobile insurance carriers that were struggling with rapidly deteriorating loss ratios.