Verisk Analytics introduces new underwriting model for automobile insurers
Dec 14, 2012 (Datamonitor via COMTEX) --
Verisk Analytics Inc.'s unit, Verisk Insurance Solutions - Underwriting, has introduced RISK:check POS, or Point of Sale, a new underwriting model for personal lines automobile insurers. RISK:check POS simultaneously identifies applications with a high likelihood of future claims fraud and finds rating errors that result in premium leakage.
Neil Spector, president of Verisk Underwriting, said: "Despite these underwriting challenges, carriers want to make it easy for customers to get a quote and buy a policy. Carriers that offer a superior customer experience, control expenses, and use technology at the point of sale to manage the small percentage of risks related to fraud and premium errors will enjoy a sustainable competitive advantage in the market.
"The RISK:check POS model was developed through millions of carrier-provided policy and claims records. It has been further vetted and validated with more than 10 million new business policies in dozens of retrospective actuarial studies on behalf of regional and national writers. The model has been demonstrated to improve first year loss ratios between 3 and 6 points."
RISK:check POS can be incorporated into a fully automated underwriting process and is compatible with all personal auto distribution channels, including agency, call center, and Internet. It is available as a standalone solution or can be integrated into QuickFill, Verisk's data prefill solution. RISK:check POS is part of the broader Verisk Underwriting RISK:check solution that identifies premium leakage and potential fraud for policies currently in a portfolio, the company said.
The technology underlying and powering RISK:check POS is provided via a strategic alliance between Verisk Underwriting and Inovatus, LLC, of Alpharetta, Georgia.
"The Inovatus point-of-sale model is the most advanced and predictive non-FCRA fraud risk model available to the personal auto market today. It's a powerful new addition to the Verisk Underwriting data assets and underwriting solution suites serving the auto insurance market," added Mr Spector.
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