TransUnion, an information and risk management company, and Drivers History, a company that acquires, processes/aggregates and distributes traffic and criminal related court data, have partnered to release TransUnion DriverRiskpowered by Drivers History.
The service permits auto insurance carriers to supplement their existing processes and identify those drivers with ratable activity, said Drivers History. This will optimize the use of motor vehicle reports (MVR), while managing expenses. The collaboration also creates a predictor of loss that insurers may integrate into their existing underwriting/rating models.
The timing of DriverRisk comes as the cost for MVRs, a considerable expense for auto insurance carriers, continues to rise as states increase MVR fees as a source of revenue, said Drivers History. TransUnion DriverRisk is available for use across the policy lifecycle from customer onboarding to renewal, as well as claims and SIU.
