Portfolio Assessment and Compliance

CV Services

Optimize spend and security by outsourcing insurance compliance tasks for DMVs, lienholders, loss payees, and vital updates affecting loan and coverage checks.

What is the true cost of compliance—in terms of dollars and distraction?

Compliance is complex, costly, constant, and compulsory: A full national build-out of auto liability insurance reporting (ALIR) costs up to $15 million.¹ Where insurance and lending intersect, a lack of uniform identifiers connecting policy, loan, and claim numbers can impede communication among insurance, lending, claims, and tracking stakeholders.

Gain traction with strategic outsourcing

Enhance efficiency by outsourcing state DMV reporting, lienholder notices, and escrow invoices to an industry leader serving nearly half of the top 25 insurers.²

Automate compliance

Use advanced technology that detects reportable events, timelines, and formats to automatically notify DMVs and those with an insurable interest in the policy.

Optimize spend

Meet non-negotiable DMV reporting and lienholder notification requirements with Verisk’s out-of-the-box services. Spend less on efforts that don’t grow your top line.

Nationwide coverage

Navigate the intricate, ever-changing regulatory landscape with confidence, simultaneously mitigating the risk of state fines and policyholder penalties.

Policy monitoring

Harness policy data contributed to Coverage Verifier (CV) for once-and-done updates, fulfilling regulatory reporting requirements without cumbersome tracking.

Ecosystem connections

One submission enables insurers to manage DMV reporting, lienholder notices, and escrow invoices—and have access to a lender-facing portal.

Features and capabilities

CV Compliance suite comprises state-of-the-art decision engines and intelligent entry web portals to address the ecosystem compliance needs of insurers, lenders, claim servicers, and trackers.

Line-of-business solutions

For personal or commercial auto and property, CV contributors maintain a single data feed to support multiple lines of business for various mandatory reporting requirements.

Automate state DMV compliance with CV-ALIR

Cut costs, simplify maintenance, and ensure compliance across 38 jurisdictions. One data feed connects you to a proprietary decision engine with customer-specific requirements to enable distribution and acknowledgment of all DMV transactions in the format and frequency mandated. Get one-stop access to transaction history, error handling, and performance reports all in one solution.

Modernize lienholder and loss payee reports with CV-Exchange

Tame compliance logistics and labor-intensive communications at the intersection of lending and insurance with a robust infrastructure for accurate notice of policy changes to lienholders, loss payees, mortgagees, lessors, and others with an insurance interest in the policy. Identify and correct address issues; simplify return mail handling and escrow invoice distribution; and reduce payment delays.

Innovate coverage verification for lenders with CV-VaaS

Boost lender-insurer efficiency with CV-Verification as a Service. Streamline lienholder verification, a traditionally manual and inefficient process. Resolve disparate key identifiers (loan, policy, and claim numbers) with a unified data source.

Simplify policy monitoring

Use Verisk's configurable decision engine to flexibly accommodate regulatory requirements that vary state by state.

Related resources

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Brochure

Getting Off the Auto Liability Insurance Reporting Compliance Treadmill

Automobile liability insurance reporting is a compliance expenditure with little return for insurers. Those that don’t optimize management of this cost will miss a prime opportunity to realize savings and free up valuable resources.

Download the brochure

Brochure

Turning Down the Noise on Your Notifications

Loss payee and mortgagee notifications, returned mail, and escrow billing invoices can consume resources, create unwanted noise, and multiply stress for insurers. Obsolete workflows can make it a struggle to achieve more orderly and efficient processes.

Download the brochure