Coverage Verifier Underwriting. Make better risk selection decisions with Coverage Verifier Underwriting Reports

Transcription

1 Coverage Verifier Underwriting Make better risk selection decisions with Coverage Verifier Underwriting Reports SM

2 Improve your auto underwriting with the most complete history of risk available in the industry. Has a policy expired? Is there a gap in coverage? Are there teenage drivers in the household? What coverages have been in force and for how long? Those are the types of questions that can potentially raise red flags for underwriters. Coverage Verifier SM can answer those questions and more with the detail you need like no other system on the market. Insurance underwriting is all about the quality of completeness, timeliness, and accuracy. The more policy-level you have, the better you can rate and price risk. And with auto insurance, numerous variables go into the underwriting decision. Coverage Verifier Underwriting Reports include many of the key criteria that underwriters use when making decisions. The reports give you a detailed transactional history of your applicants current and previous policies for the past five years you need to verify coverage statements. You ll know when your potential insured added drivers or vehicles, had a lapse in coverage, canceled coverage, or changed insurers. And you ll get a look at factors such as policyholder age, residency and garaging addresses, and type of vehicle that influence whether you should underwrite the policy and, if so, how you should set premiums. The reports The Coverage Verifier database is the engine behind the reports. Insurers submit data, allowing them to access a wealth of policy-level. Every time you search the database, Coverage Verifier will supply on all insureds listed on the policy. You ll get a Summary Report with associated Coverage Lapse Detail. And for each listed policy, you ll get a Detail Report and Change History Report. Take a closer look at the following reports and see how they can work for you. Our comprehensive reports help you make risk selection decisions, confirm pricing tiers and discounts, and increase productivity. And when you get our reports at the point of sale, you ll reduce processing time, improve customer service, and increase sales-close ratios.

3 Summary Report The Summary Report provides a quick overview of an applicant s coverage history for the look-back period set by the insurer ordering the report. The report includes carrier, policy status, number of cancellations and renewals, and policy term effective and expiration dates. For each listed policy, you get a corresponding Detail Report and Change History Report. Individual searched: In this case, John Q. Public Insurance company ordering the report Time span covered by the report (i.e., look-back period ): Can be 6 60 months and is determined by the company (not by the individual user) Inception date of the policy for John Q. Public Date the policy transaction is posted to the Coverage Verifier database Policy status Policy term beginning and end dates Number of cancellations and renewals over the policy lifetime ORDER DATE: 03/15/2013 SEARCH CRITERIA Name: Address: JOHN Q. PUBLIC 565 MCCLAY ST HARRISBURG, PA CUSTOMER ORDERING INFORMATION Company: Order Date: 03/15/2013 Look-Back Period: SEARCH RESULTS POLICIES FOUND Target Search Person MULTI-STATE INDEMNITY AUTO INSURANCE CO 60 MONTHS A UNITED INDEMNITY JOHN Q. PUBLIC 03/21/2012 IN FORCE /22/ /21/ /21/2013 B DEPENDABLE INS JOHN Q. PUBLIC 03/31/2010 CANCELED /26/ /31/ /31/2012 T STANDARD INS JOHN Q. PUBLIC 03/31/2009 EXPIRED /09/ /31/ /31/2010 Z PROTECTABLE INS JOHN PUBLIC 03/31/2008 EXPIRED /21/ /31/ /31/2009

4 Coverage Lapse Detail Coverage Lapse Detail provides a chronological history with an exact count of days in force and days lapsed of each company that insured the applicant. SEARCH RESULTS COVERAGE LAPSE SUMMARY ORDER DATE: 03/15/2013 Name Possible Coverage Lapse? Coverage In Force Today? Person 1: JOHN Q. PUBLIC Y Y SEARCH RESULTS COVERAGE LAPSE DETAIL Person 1: JOHN Q. PUBLIC Company A.M. Best # From Date To Date Cvg Days Lapse Lapse Days UNITED INDEMNITY /21/ /21/ Y DEPENDABLE INS /31/ /25/ N STANDARD INS /31/ /31/ N PROTECTABLE INS /31/ /31/ N Y indicates the presence of one or more coverage lapses The in-force period for each policy The report shows a 25-day lapse in coverage between the end of the Dependable Insurance policy and the start of the United Indemnity policy Number of days John Q. Public is covered under this particular policy Convenient delivery Coverage Verifier Underwriting Reports are available through a variety of convenient delivery methods. You can access reports through our secure web-based platform, choosing online reports, transactional system-to-system delivery, or batch processing. You can also choose web-service delivery at point of sale through QuickFill. QuickFill is Verisk s prefill tool that helps complete an insurance quote quickly and easily. You can integrate QuickFill into any of your sales channels, including agent point-of-sale applications, call centers, and online quote systems.

5 Detail Report The Detail Report provides about a particular policy, including the insurer; covered drivers and vehicles; garage locations; and coverage types, limits, and deductibles. You see exactly how each policy looked as it was last reported to the database. CARRIER INFORMATION Contributing Carrier Name A.M. Best # NAIC # Insurance company DEPENDABLE INS POLICY INFORMATION Policy Number Inception Date Policy Type Term Eff Date Term Exp Date Cancel Date Cancel Reason Phone Policy canceled for nonpayment B /31/2010 AUTO 03/31/ /31/ /25/2012 NON-PAY (469) Policyholder Policy Status Risk Class Prem Pmt Plan Method of Pmt Policy Prem Policy Form JOHN Q. PUBLIC CANCELED NONSTANDARD OTHER CHECK $1,925 PP MAILING ADDRESS INFORMATION Address City State ZIP From To 565 MCCLAY ST HARRISBURG PA /31/ /25/2012 LIABILITY COVERAGE INFORMATION Coverage Type Limits From To BODILY INJURY $25,000/$50,000 03/31/ /25/2012 PROPERTY DAMAGE $10,000 03/31/ /25/2012 UNDERINSURED MOTORIST (BI) $25,000/$50,000 03/31/ /25/2012 UNDERINSURED MOTORIST (PD) $10,000 03/31/ /25/2012 VEHICLE INFORMATION Year Make Model Class Code VIN Bus. Use 2011 FORD F FTBF17W8X N Terr. Code A/T Device Coll Ded Comp Ded From To 01 $500 $250 01/10/ /25/2012 Year Make Model Class Code VIN Bus. Use 2008 CHEV MALIBU CTHV18R N Terr. Code A/T Device Coll Ded Comp Ded From To Types and amounts of coverages* Insured vehicle Every line item shows the in-force period (Vehicle added to policy 1/10/12 and continued in force until cancellation) 01 $500 $250 03/31/ /25/2012 GARAGE LOCATIONS VIN Address City State ZIP From To Vehicle garaging 1FTBF17W8X MCCLAY ST HARRISBURG PA /10/ /25/2012 2CTHV18R MCCLAY ST HARRISBURG PA /31/ /25/2012 DRIVER/RELATED SUBJECT INFORMATION First Name Last Name Date of Birth SSN Sex Relation DL State/Number From To Policy driver JOHN PUBLIC 09/10/1954 XXX-XX-1589 M INSURED PA/P /31/ /25/2012 JANE CITIZEN 05/28/1957 XXX-XX-9913 F SPOUSE PA/C /31/ /25/2012 REBECCA PUBLIC 11/14/1995 XXX-XX-2810 F CHILD PA/P /31/ /25/2012 LIENHOLDER INFORMATION VIN Lienholder Address City State ZIP From To 1FTBF17W8X FORD MOTOR CREDIT 4309 ELM ST DEARBORN MI /10/ /25/2012 Vehicle lienholder * The report displays all coverages reported by the carrier, including bodily injury, medical payments, property damage, personal injury, uninsured motorist, and underinsured motorist.

6 Change History Report The Change History Report provides about the history of changes to a policy, including the addition, deletion, or change of drivers, vehicles, or coverages. The sample shows that the policyholder added a son for a period of time before dropping him from the policy. CARRIER INFORMATION Contributing Carrier Name A.M. Best # NAIC # DEPENDABLE INS POLICY INFORMATION Policy Number Risk Class Policy Type Policyholder From To B NONSTANDARD AUTO JOHN Q. PUBLIC 03/31/ /25/2012 Transaction history of the policy TRANSACTION INFORMATION Transaction Type Effective Date NEW BUSINESS 03/31/2010 RENEWAL 03/31/2011 ENDORSEMENT 12/04/2011 ENDORSEMENT 01/10/2012 CANCELLATION: NON-PAY 02/25/2012 MAILING ADDRESS INFORMATION LIABILITY COVERAGE INFORMATION VEHICLE INFORMATION GARAGE LOCATIONS DRIVER/RELATED SUBJECT INFORMATION Thomas Public, a 20-year-old driver, listed as a driver on the policy for a period of time but then dropped First Name Last Name Date of Birth SSN Sex Relation DL State/Number From To THOMAS PUBLIC 06/25/1993 XXX-XX-8917 M CHILD PA/P /31/ /04/2011 LIENHOLDER INFORMATION For more about Coverage Verifier Contact Verisk Customer Support at or [email protected]. Insurance Services Office, Inc., ISO, the ISO logo, and QuickFill are registered trademarks and Verisk, Verisk Insurance Solutions, and the Verisk Insurance Solutions logo are trademarks of Insurance Services Office, Inc. Coverage Verifier is a service mark of ISO Services, Inc. AIR Worldwide and the AIR Worldwide logo are registered trademarks of AIR Worldwide Corporation. Xactware is a registered trademark of Xactware Solutions, Inc. All other product or corporate names are trademarks or registered trademarks of their respective companies. z12159 (7/13)