Verisk Underwriting just announced the availability of vehicle-specific annual mileage and prior coverage information in a single point-of-sale service. Verisk’s Coverage Verifier℠ database has provided auto carriers with detailed information about an applicant’s prior coverage dates and lapses, limits of coverage, deductibles, and lienholder information. Now, carriers can add to that list accurate annual mileage [...]
Auto
Imagine a scenario where a driver runs a stop sign and hits Mary Smith’s midsize sedan. Mary’s insurer pays for her vehicle’s damages minus her deductible — which, hoping to save on insurance costs, Mary increased to $1,000 when she renewed her policy. Four months after the accident, Mary’s insurer still has not recovered her [...]
Mississippi’s state legislature voted to create the state’s new web-based motor vehicle insurance verification system. The system will allow the Mississippi Department of Public Safety, the Mississippi Commissioner of Insurance, and the Mississippi Department of Revenue to electronically verify a motor vehicle’s insurance status. The state approved the system when it passed Senate Bill 2631 [...]
Starting this July, Utah will use its Online Insurance Verification System (OIVS) to electronically verify evidence of coverage with insurance companies. The Utah Legislature created the state’s OIVS when it passed Senate Bill 244 last year. No action will be required by CV-ALIR® customers currently reporting to Utah. Learn more about CV-ALIR. >>
A recent ISO study indicates that adjusters overlook subrogation opportunities found in approximately 15 percent of all closed claims. What percentage of your claims close with missed subrogation opportunities? Subrogation recovery can improve your company’s bottom line and directly affects your loss ratio. If an insurer can increase its recovery rate by just 1 percent, [...]
The Florida Department of Highway Safety and Motor Vehicles extended its deadline for insurers to convert their automobile liability insurance reporting (ALIR) format from a flat file to XML. The new date is April 15, 2013. The state changed its original March 31 target because of the increased demand the conversion has placed on the [...]
