Incorrect garaging information can significantly affect both the insurer and the insured, leading to premium leakage, coverage issues, financial losses, and regulatory action.
Boost pricing accuracy and minimize premium leakage at point of sale and renewal, ensuring policies are correctly written and priced for ongoing rate integrity.
Leverage a rich database of 4B+ license plate sightings from 75% of the nation to identify time, frequency, and proximity relative to a given garaging address.
See the complete picture: Garaging location and commuting mileage can result in extreme premium differentials.
Ensure drivers have the appropriate in-state policy to avoid discrepancies in PIP, medical, minimum limits, and other provisions.
GarageConfirm tracks vehicle locations relative to listed addresses, creating location-based loss cost and premium differentials by analyzing geospatial clusters of recent sightings.
Recover potential lost premium at point-of-sale and renewal by confirming reported addresses and commuting mileage.
Generate loss costs and premium differential for top-three vehicle sighting locations with access to 4B+ records.
Tap into the largest database of license plate sightings, spanning 75% of the nation and previously available only to law enforcement and lenders.
Future-proof your business with a partner that puts you in the driver’s seat.
Harness data-driven analytics to detect fraud and take on premium leakage across the policy life cycle.
Leverage the strong link between mileage and claims to strengthen your underwriting and rating.
Confront premium leakage due to radius and territory misclassification.
Accelerate data-forward quoting and modernize buying journeys to keep more business in the pipeline and boost conversion rates.
Upgrade your MVR solution with more than 2 billion court records and over 300 million crash records for a clearer picture of driver risk.
Gain a chronological, 360-degree view of risk, unlock predictive behavioral patterns, and discover multiple use cases.
* Updated 2022 estimate based on Coalition Against Insurance Fraud’s The Impact of Insurance Fraud on the U.S. Economy, pages 23-26, applying overall annual premium leakage increase to Verisk’s estimate from The Challenge of Auto Insurance Premium Leakage, 2017.