Case study: Validating coverage for undisclosed drivers stems premium leakage
Verisk GarageConfirm leverages more than 4 billion records in license plate database to help insurers identify and combat garaging fraud.
Infographic: Innovations in prefill technology can affect commercial auto insurance operations in statistically significant and profitable ways.
The insurance industry is using vehicle location information and technologies used by law enforcement to detect fraud early in the underwriting process.
Prevent fraud; ensure a more complete, accurate application; and identify high-quality insurance applicants early in the quote phase.
Policyholder driving violation information is an important part of auto underwriting, but the high expense requires insurers to think outside the box.
Industry estimates put total auto insurance losses due to fraud and rate evasion between $12 billion and $24 billion annually.
Inovatus, LLC, Alpharetta, Georgia. is now part of Verisk Insurance Solutions, bringing proprietary predictive models that improve insurance underwriting and rating.
According to the National Insurance Crime Bureau (NICB), questionable claims continue to rise each year, with a 56 percent increase between 2008 and 2012.