DAYTON, Ohio-- The Maryland Automobile Insurance Fund (MAIF), created by the Maryland State Legislature to provide insurance coverage for the state's most at-risk drivers, has chosen RiskWise solutions from LexisNexis, an information solution provider, to help screen information provided by applicants and claimants in an effort to proactively identify rate evasion and claims fraud.
By law, MAIF must provide insurance coverage to Maryland residents who possess a driver's license and a registered vehicle if they have been denied coverage by at least two other carriers. This service mandate makes fraud an even bigger potential problem than it is for commercial providers who can more easily deny coverage to suspicious accounts. According to MAIF, almost 50 percent of the cases handled by its Special Investigative Unit involve an element of fraud.
"We chose LexisNexis because they give us the real time information we need to prevent fraud and set appropriate premiums," said Joseph Asplen Special Investigations Manager of MAIF. "The ultimate beneficiaries are the honest Maryland drivers we serve who receive lower premiums because fraud is taking less money out of the system."
LexisNexis RiskWise solutions help carriers and their agents verify and validate the applicant's information to detect and prevent application fraud or misrepresentation such as garage address, ownership and or registration, identity, property characteristics, and unreported "youthful" members of household as well as additional members of the household. LexisNexis RiskWise verifies information using multiple databases and can confirm that the applicant information provided is accurate-- including personal identity, date of birth, address, phone number, vehicle registration, garage location, and vehicle characteristics.
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