Risk Verification Platform
Verify applicant-provided data in real time
Rate evasion happens whether it's intentional or not. When you can’t be certain about key risk factors like where a car is parked and who’s really driving it, you leave your book open to unnecessary loss.
Consider these numbers:
- $16 billion
A 2007 study found rating errors cost auto insurers more than $16 billion annually, much of it due to rate evasion.*
- $78 million
One leading insurance carrier estimates it saves $78 million a year by using TransUnion validation tools to verify applicant-provided data. **
Rate policies using more accurate data with Risk Verification Platform
TransUnion Risk Verification Platform is a data verification system that finds potentially inaccurate consumer data and delivers customized resolution instructions to your point-of-sale agents.
It integrates easily into your environment and, best of all, works in real time across the policy lifecycle. That way, you can better manage risk from quote to renewal to claims, and everywhere in between.
Identity and garaging:
- Verify applicants' identity and parking location to confirm or challenge policy information.
- Identify accidents, repairs or other information that affects rates, but may go unreported.
Custom data interface:
- Deliver your agents information in an easy-to-use format.
Risk Verification Platform flags information that may be inaccurate and pushes instruction messages like these to your agents’ desktops.
The value? Profitability.
More top-line growth. Fewer losses. Lower operating costs. Better customer satisfaction. Higher-quality pricing data.
*Auto Insurance Industry Overlooked $16 Billion in Premium Losses, Quality Planning Corporation, December 4, 2008
Help improve insurance fraud detection and spot potential rate evasion before it hits your book.