RISK:check®
RISK:check® — part of the Quality Planning Rating Integrity Solution — is a sophisticated system that identifies rating errors in private passenger auto policies and calculates the likely lost premium.
RISK:check compares the rating and underwriting information from individual policies against hundreds of millions of records from public and proprietary databases. RISK:check conducts more than 100 audit checks to identify potential rating errors and to help you with required reporting regulations. The audit checks can include:
- Commute distance
- Annual mileage
- Vehicle garaging territory
- Unlisted drivers
- Accidents and violations
- Identity theft
- Farm use
- Vehicle-driver assignment
|
- Non-owned vehicles
- Vehicle symbol
- Segment classification
- Business use
- Marital-status rating
- Criminal records
- VIN identification
|
Using proprietary pattern analysis and statistical algorithms to flag questionable policyholder information, RISK:check uncovers such problems as:
- Vehicles garaged at mail-drop addresses
- Households with unreported youthful operators
- Incorrect vehicle-driver assignments
- Misreported commute distances
- False driver's licenses and Social Security numbers
- Commercial vehicles insured for pleasure use
After identifying questionable patterns, RISK:check estimates the probability that
Precision Re-UnderwritingTM will reveal an actual error in the individual policy. The system also calculates the likely premium recovery you would get by correcting the error. The results of that analysis help determine the most effective strategy for contacting the customer. And the models dramatically reduce your costs, since we prioritize the work based on the likely recoveries.
For more information about RISK:check, contact Quality Planning or call us at 415-369-0707.
QPC Customer Login