Everyone in Property & Casualty insurance industry knows about the first year auto insurance loss ‘bump’ – new business almost always loses money in the first year. One reason for this is the industry’s inability to efficiently identify and screen out preexisting damage claims. No more.
Because VeracityID has developed idMobileTM – an on demand web app delivered to a customer’s smart phone during a quote or application session – that allows the carrier to gather secure, accurate images of customer vehicles. Using idMobileTM can reduce first year auto policy loss experience by 5 or more points.
Using idMobileTM Has led to several surprising discoveries:
- The vehicles of customers shopping for auto insurance have a surprising level of damage. One third of the vehicles in bound policies that used idMobileTM had evidence of at least moderate preexisting damage.
- Utilization of idMobileTM leads to a significant reduction in early claims and in claims severity for those customers who use the product.
- When we ask customers to use idMobileTM during quote or application, the great majority of them successfully comply.
Based upon results to date we are confident that use of idMobileTM will result in a five or more point reduction in loss experience in the first year alone.
There are other benefits to the solution but based upon the impact on early claims alone, we urge every auto insurer to consider utilizing a solution like idMobileTM
For more information contact wreeves@veracityid.com or sales@veracityid.com or see more information on our website at www.veracityid.com/idMobile
For more information contact wreeves@veracityid.com or sales@veracityid.com or see more information on our website at www.veracityid.com/idMobile
