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.
Insurance companies have been busy in recent years developing various mobile apps, such as bill pay and claim reporting.
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