Verisk Insurance Solutions - Underwriting, a unit of Verisk Analytics, has announced the availability of automated screening for fraud and premium leakage in new auto insurance policies.
The technology is designed to enable insurers looking to run Verisk's RISK:check Point of Sale fraud model on every new policy record contributed to Verisk's Coverage VerifierSM database. This process represents a significant change from current industry practice, according to Verisk, which typically focuses on catching fraud at the time of claim. By screening new policies, insurers should be better able to identify fraud and rate evasion with an opportunity to take action.
Insurers have recognized the need to address fraud and rate evasion earlier in the policy life cycle, but integrating new underwriting models has sometimes delayed implementation, the company said. Its software attempts to proceed quickly and with virtually no IT impact. Originally launched in December 2012, RISK:check Point of Sale uses a model that, according to Verisk, combines big data with analytics to detect patterns of behavior closely correlated to fraud and rate evasion.
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