RISK:selectTM
RISK:selectTM - 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. Designed for use in states where mileage and commute are not rating factors, RISK:select is similar to RISK:check®, our system that does consider mileage and/or commute.
RISK:select compares the rating and underwriting information from individual policies against hundreds of millions of records from public, private, and proprietary databases. RISK:select conducts more than 100 audit checks to identify potential rating errors, including those that help you meet required reporting regulations. The audit checks can include:
- Vehicle garaging territory
- Unlisted drivers
- Accidents and violations
- Identity theft
- Farm use
- Vehicle-driver assignment
- Nonowned vehicles
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- Vehicle Symbol
- Segment classification
- Business use
- Marital-status rating
- Criminal records
- VIN identification
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Using proprietary pattern analysis and statistical algorithms to flag questionable policyholder information, RISK:select uncovers such problems as:
- Vehicles garaged at mail-drop addresses
- Households with unreported youthful operators
- Incorrect vehicle-driver assignments
- False driver's licenses and Social Security numbers
- Commercial vehicles insured for pleasure use
After identifying questionable patterns, RISK:select 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 will realize by correcting the error. The results of that analysis help determine the most effective strategy for contacting the individual policyholder. And the system dramatically reduces your costs, since we prioritize the work based on likely recoveries.
For more information about RISK:select, contact Quality Planning or call us at 415-281-1863.
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