Underwriting and Rating

MileageConfirm

Inaccurate mileage costs more than $5 billion a year in premium leakage. Go further to refine pricing by capturing a critical rating factor with new technology, data sources, and analytics.

A chronic problem with a hidden toll

Annual mileage is a proven predictor of loss costs—and among the most difficult rating variables to confirm and maintain accurately across the policy life cycle. Two-thirds of policies underreport mileage, contributing to more than $5 billion in annual industry premium leakage.¹

Get the green light with reliable mileage

Reliable mileage verification matters, but many insurers struggle to capture it. You can bypass unreliable self-reporting, and expensive third-party distributors while pricing more precisely at point of sale and renewal.

Depend on better data

Reduce dependency on inaccurate self-reported mileage and leverage our comprehensive data sources and analytics for more accurate predictive mileage bands.

Precision pricing

Price more accurately using third-party data or our predictive mileage model.

Stem the flow

Avoid adverse selection that steers low-mileage drivers to competitors offering pay-per-mile programs.

Mileage and claims are strongly correlated

Verisk analysis shows that claims vary widely between annual mileage bands. Vehicles with fewer than 3,000 miles experience 40% fewer claims. Vehicles with 20,000 or more miles are likely to see 31% more claims.²

Mileage and claims are strongly correlated

Features and capabilities

Varied data

Estimate accurately by combining data from curated, third-party sources and our predictive mileage model.

More sources

Capture odometer readings from sources such as state inspections, auto maintenance service providers, and dealers, streamlined through Verisk.

Predictive modeling

Enhance accuracy with a validated model that produces estimates for new vehicles and those for which there’s not enough odometer data.

Related resources

Stay in the know about important industry trends and innovative solutions.

Article

Capturing mileage across a shifting auto insurance landscape

One statistic profoundly affected by COVID-19 lockdowns has been miles driven, and so capturing mileage more precisely may become critical for auto insurers.

Read the article

Case study

Going for the Extra Miles: Capturing a Critical Rating Factor

Learn how one insurer used new data sources and advanced modeling to identify mileage gaps and gain a 7.2% lift with more accurate estimates.

Download the case study

White paper

The Challenge of Auto Insurance Premium Leakage

Personal auto insurers have at least a $29 billion annual problem: premium leakage—omitted or misstated underwriting information that leads to inaccurate rates.

Download the white paper

Do more with the Verisk ecosystem

Future-proof your business with a partner that puts you in the driver’s seat.

Garaging validation

Use actual vehicle sightings to verify garaging address and commuting mileage.

Learn about GarageConfirm

Screen Data Reflecting On Persons Glasses

Rating integrity at every stage

Harness data-driven analytics to detect fraud and take on premium leakage across the policy life cycle.

Learn about the RISK:check Suite

Modernized, data-forward quoting

Accelerate data-forward quoting and modernize buying journeys to keep more business in the pipeline and boost conversion rates.

Learn about LightSpeed Personal Auto

Undisclosed driver identification

Confront the leading source of premium leakage by determining who is driving what vehicle.

Learn about Undisclosed Driver Information

Comparing Auto Insurance Quotes On Tablet

Coverage history and details

Gain a chronological, 360-degree view of risk, unlock predictive behavioral patterns, and discover multiple use cases.

Learn about Coverage Verifier

Contact us to learn more

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When calling from the UK, please dial 00 800 4897 7489

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¹ _{Verisk 2018 Verified Mileage Study}

²_{Verisk analysis of ISO Statistical Plan data, March 2021; based on three-year average for all personal auto coverages from 2017-2019 and excluding 2020 to remove impact of pandemic on typical mileage patterns}