The Underwriting unit of Verisk Analytics today announced the launch of RISK:check POS (Point of Sale), a new underwriting model for personal lines automobile insurers, which was designed to simultaneously identify applications with a high likelihood of future claims fraud and find rating errors that result in premium leakage.
Fraud is a pressing issue in the industry, Verisk asserted, and while consumers demand more options, including the ability to quote, buy and manage policies directly and via mobile devices, perpetrators of fraud are becoming more sophisticated.
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