Verisk Insurance Solutions and Vehcon have entered a strategic alliance intended to help insurers collect validated vehicle odometer readings for insurance rating, underwriting and usage-based insurance programs. The product, OdometerConfirm, enables insurers to capture actual odometer readings using a policyholder's smartphone, the companies said.
"Miles driven is an important nationwide rating factor for many auto insurance writers and is a mandatory rating factor in California," said John Cantwell, VP of auto underwriting at Verisk Insurance Solutions. "While annual mileage is an established predictor of loss costs, it's always been one of the more difficult rating factors to confirm accurately and maintain through the life of a policy."
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