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."
OdometerConfirm combines Verisk's data and analytics resources with Vehcon's patent-protected processes, which enables consumers to capture VINs and odometer data quickly and easily with a mobile app. Data automatically is sent to Vehcon's back-end systems, where the mileage data is extracted, authenticated and validated before being reported to the insurance carrier, the companies said. The ongoing collection of odometer readings enable carriers to track miles driven for rating or usage-based insurance programs.
"The integration of the Vehcon solution with Verisk's data assets provides insurers new possibilities to underwrite and rate auto insurance policies," said Fred Blumer, CEO and founder of Vehcon. "For example, with the VIN information captured by Vehcon, Verisk data, including rating symbols, prior claims, and coverage information, and vehicle registration data can be automatically prefilled into the policy administration system along with the current mileage data."
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