{"id":1462,"date":"2022-10-06T13:11:09","date_gmt":"2022-10-06T13:11:09","guid":{"rendered":"https:\/\/test.veracityid.com\/new\/?post_type=portfolio&#038;p=1462"},"modified":"2023-03-23T18:40:41","modified_gmt":"2023-03-23T18:40:41","slug":"how-veracityid-stops-premium-write-offs-and-early-cancellation-in-new-business","status":"publish","type":"portfolio","link":"https:\/\/test.veracityid.com\/new\/portfolio\/how-veracityid-stops-premium-write-offs-and-early-cancellation-in-new-business\/","title":{"rendered":"How Veracityid Stops Premium Write-offs and Early Cancellation in New Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1462\" class=\"elementor elementor-1462\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d40f13 e-container--row e-container\" data-id=\"7d40f13\" data-element_type=\"container\">\t\t<div class=\"elementor-element elementor-element-0e5766d e-container--column e-container\" data-id=\"0e5766d\" data-element_type=\"container\">\t\t\t\t<div class=\"elementor-element elementor-element-cf7ff17 elementor-widget elementor-widget-image\" data-id=\"cf7ff17\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.8 - 02-10-2022 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/nabeel-syed-Jk3-Uhdwjcs-unsplash-1024x683.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/nabeel-syed-Jk3-Uhdwjcs-unsplash-1024x683.jpg 1024w, https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/nabeel-syed-Jk3-Uhdwjcs-unsplash-300x200.jpg 300w, https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/nabeel-syed-Jk3-Uhdwjcs-unsplash-768x512.jpg 768w, https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/nabeel-syed-Jk3-Uhdwjcs-unsplash-650x433.jpg 650w, https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/nabeel-syed-Jk3-Uhdwjcs-unsplash.jpg 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div><div class=\"elementor-element elementor-element-5016a72 e-container--column e-container\" data-id=\"5016a72\" data-element_type=\"container\">\t\t\t\t<div class=\"elementor-element elementor-element-cea1bca elementor-widget elementor-widget-heading\" data-id=\"cea1bca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.8 - 02-10-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Stopping Serial Non-payers<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a22c6c7 elementor-widget elementor-widget-text-editor\" data-id=\"a22c6c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.8 - 02-10-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Most serial bad debtors abandon applications when confronted with request for payment of prior balances due.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8e289bc e-container--row e-container\" data-id=\"8e289bc\" data-element_type=\"container\">\t\t\t\t<div class=\"elementor-element elementor-element-1ef9106 elementor-widget__width-initial elementor-widget elementor-widget-counter\" data-id=\"1ef9106\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.8 - 02-10-2022 *\/\n.elementor-counter .elementor-counter-number-wrapper{display:-webkit-box;display:-ms-flexbox;display:flex;font-size:69px;font-weight:600;line-height:1}.elementor-counter .elementor-counter-number-prefix,.elementor-counter .elementor-counter-number-suffix{-webkit-box-flex:1;-ms-flex-positive:1;flex-grow:1;white-space:pre-wrap}.elementor-counter .elementor-counter-number-prefix{text-align:right}.elementor-counter .elementor-counter-number-suffix{text-align:left}.elementor-counter .elementor-counter-title{text-align:center;font-size:19px;font-weight:400;line-height:2.5}<\/style>\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\"><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"1.5\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-counter-title\">Industry NPW Written Off Annually for Non-Payment<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c85a5eb elementor-widget__width-initial elementor-widget elementor-widget-counter\" data-id=\"c85a5eb\" data-element_type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">><\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"5\" data-from-value=\"0\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"> %<\/span>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-counter-title\">Write-Offs In New Business (>3x more)<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div><\/div><\/div><div class=\"elementor-element elementor-element-ed64618 e-container--row e-container\" data-id=\"ed64618\" data-element_type=\"container\">\t\t<div class=\"elementor-element elementor-element-ee8853b e-container--column e-container\" data-id=\"ee8853b\" data-element_type=\"container\">\t\t\t\t<div class=\"elementor-element elementor-element-9b19cb7 elementor-widget elementor-widget-heading\" data-id=\"9b19cb7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Challenge<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f3dc99 elementor-widget elementor-widget-text-editor\" data-id=\"2f3dc99\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Leading carrier experienced high cancellation rates in the direct channel. Customers were repeatedly purchasing policies and failing to pay the premiums.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div><div class=\"elementor-element elementor-element-f81c83f e-container--column e-container\" data-id=\"f81c83f\" data-element_type=\"container\">\t\t\t\t<div class=\"elementor-element elementor-element-5cba3a3 elementor-widget elementor-widget-heading\" data-id=\"5cba3a3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Solution<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-403da33 elementor-widget elementor-widget-text-editor\" data-id=\"403da33\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>idNoPay solutions were deployed in a carrier direct channel initiative, dramatically reducing bad debt losses to serial cancelers.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div><\/div><div class=\"elementor-element elementor-element-782b14e e-container--column e-container\" data-id=\"782b14e\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\t\t\t\t<div class=\"elementor-element elementor-element-6af018b elementor-widget elementor-widget-heading\" data-id=\"6af018b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Other Case Examples<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f89eda bdt-global-link-yes elementor-widget elementor-widget-bdt-post-grid\" data-id=\"9f89eda\" data-element_type=\"widget\" data-settings=\"{&quot;columns&quot;:&quot;3&quot;,&quot;columns_tablet&quot;:&quot;2&quot;,&quot;columns_mobile&quot;:&quot;1&quot;}\" data-widget_type=\"bdt-post-grid.bdt-trosia\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t \n\t\t<div id=\"bdt-post-grid-9f89eda\" class=\"bdt-post-grid bdt-post-grid-skin-trosia\">\n\t  \t\t<div class=\"bdt-grid bdt-grid-medium\" data-bdt-grid>\n\n\t\t\t\t\t\t\n\n\t\t            <div class=\"bdt-width-1-1 bdt-width-1-2@s bdt-width-1-3@m\">\n\t\t\t\t\t\t<div onclick=\"window.open(&#039;https:\/\/test.veracityid.com\/new\/portfolio\/how-a-carrier-eliminated-pre-existing-damage-claims-by-acquiring-vehicle-photos-during-the-application\/&#039;, &#039;_self&#039;)\" class=\"bdt-post-grid-item bdt-transition-toggle bdt-position-relative\">\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<div class=\"bdt-post-grid-img-wrap bdt-overflow-hidden\">\n\t\t\t\t<a href=\"https:\/\/test.veracityid.com\/new\/portfolio\/how-a-carrier-eliminated-pre-existing-damage-claims-by-acquiring-vehicle-photos-during-the-application\/\" class=\"bdt-transition-scale-down bdt-background-cover bdt-transition-opaque bdt-flex\" title=\"How a Carrier Eliminated Pre-Existing Damage Claims by Acquiring Vehicle Photos During the Application\" style=\"background-image: url(https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/banner-img.jpg)\">\n  \t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"bdt-custom-overlay bdt-position-cover\"><\/div>\n\t\t\t\t\t  \t\t\n\t\t\t\t\t  \t\t<div class=\"bdt-post-grid-desc bdt-position-bottom\">\n\t\t\t\t\t\t  \t\t<div class=\"bdt-position-medium \">\n\n\t\t\t\t\t\t\t\t\t<h4 class=\"bdt-post-grid-title\" >\n\t\t\t\t<a href=\"https:\/\/test.veracityid.com\/new\/portfolio\/how-a-carrier-eliminated-pre-existing-damage-claims-by-acquiring-vehicle-photos-during-the-application\/\" class=\"bdt-post-grid-link\" title=\"How a Carrier Eliminated Pre-Existing Damage Claims by Acquiring Vehicle Photos During the Application\">\n\t\t\t\t\tHow a Carrier Eliminated Pre-Existing Damage Claims by Acquiring Vehicle Photos During the Application\n\t\t\t\t<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t            \t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t  \t\t<div class=\"bdt-transition-slide-bottom\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t<\/div>\n\t\t            <\/div>\n\n\t\t\t\t\t\t\n\n\t\t            <div class=\"bdt-width-1-1 bdt-width-1-2@s bdt-width-1-3@m\">\n\t\t\t\t\t\t<div onclick=\"window.open(&#039;https:\/\/test.veracityid.com\/new\/portfolio\/how-a-top-auto-carrier-turned-its-direct-business-into-a-money-maker\/&#039;, &#039;_self&#039;)\" class=\"bdt-post-grid-item bdt-transition-toggle bdt-position-relative\">\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<div class=\"bdt-post-grid-img-wrap bdt-overflow-hidden\">\n\t\t\t\t<a href=\"https:\/\/test.veracityid.com\/new\/portfolio\/how-a-top-auto-carrier-turned-its-direct-business-into-a-money-maker\/\" class=\"bdt-transition-scale-down bdt-background-cover bdt-transition-opaque bdt-flex\" title=\"How a Top Auto Carrier Turned Its Direct Business Into a Money Maker\" style=\"background-image: url(https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/10\/Picture1.jpg)\">\n  \t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"bdt-custom-overlay bdt-position-cover\"><\/div>\n\t\t\t\t\t  \t\t\n\t\t\t\t\t  \t\t<div class=\"bdt-post-grid-desc bdt-position-bottom\">\n\t\t\t\t\t\t  \t\t<div class=\"bdt-position-medium \">\n\n\t\t\t\t\t\t\t\t\t<h4 class=\"bdt-post-grid-title bdt-post-grid-title\" >\n\t\t\t\t<a href=\"https:\/\/test.veracityid.com\/new\/portfolio\/how-a-top-auto-carrier-turned-its-direct-business-into-a-money-maker\/\" class=\"bdt-post-grid-link\" title=\"How a Top Auto Carrier Turned Its Direct Business Into a Money Maker\">\n\t\t\t\t\tHow a Top Auto Carrier Turned Its Direct Business Into a Money Maker\n\t\t\t\t<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t            \t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t  \t\t<div class=\"bdt-transition-slide-bottom\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t<\/div>\n\t\t            <\/div>\n\n\t\t\t\t\t\t\n\n\t\t            <div class=\"bdt-width-1-1 bdt-width-1-2@s bdt-width-1-3@m\">\n\t\t\t\t\t\t<div onclick=\"window.open(&#039;https:\/\/test.veracityid.com\/new\/portfolio\/how-a-carrier-eliminated-pre-existing-damage-claims-by-acquiring-vehicle-photos-during-the-application-2\/&#039;, &#039;_self&#039;)\" class=\"bdt-post-grid-item bdt-transition-toggle bdt-position-relative\">\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<div class=\"bdt-post-grid-img-wrap bdt-overflow-hidden\">\n\t\t\t\t<a href=\"https:\/\/test.veracityid.com\/new\/portfolio\/how-a-carrier-eliminated-pre-existing-damage-claims-by-acquiring-vehicle-photos-during-the-application-2\/\" class=\"bdt-transition-scale-down bdt-background-cover bdt-transition-opaque bdt-flex\" title=\"Rapidly Deploy Dozens of Carrier New Agency &#038; Channel Specific Risk Selection and Fraud Management Real-Time Rules\" style=\"background-image: url(https:\/\/test.veracityid.com\/new\/wp-content\/uploads\/2022\/05\/rsz_1crossroads-roads-top-view-traffic-bridges-shanghai-china-4k_1538066218-min.jpg)\">\n  \t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"bdt-custom-overlay bdt-position-cover\"><\/div>\n\t\t\t\t\t  \t\t\n\t\t\t\t\t  \t\t<div class=\"bdt-post-grid-desc bdt-position-bottom\">\n\t\t\t\t\t\t  \t\t<div class=\"bdt-position-medium \">\n\n\t\t\t\t\t\t\t\t\t<h4 class=\"bdt-post-grid-title bdt-post-grid-title bdt-post-grid-title\" >\n\t\t\t\t<a href=\"https:\/\/test.veracityid.com\/new\/portfolio\/how-a-carrier-eliminated-pre-existing-damage-claims-by-acquiring-vehicle-photos-during-the-application-2\/\" class=\"bdt-post-grid-link\" title=\"Rapidly Deploy Dozens of Carrier New Agency &#038; Channel Specific Risk Selection and Fraud Management Real-Time Rules\">\n\t\t\t\t\tRapidly Deploy Dozens of Carrier New Agency &#038; Channel Specific Risk Selection and Fraud Management Real-Time Rules\n\t\t\t\t<\/a>\n\t\t\t<\/h4>\n\t\t\t\t\t            \t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t  \t\t<div class=\"bdt-transition-slide-bottom\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t<\/div>\n\t\t            <\/div>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Stopping Serial Non-payers Most serial bad debtors abandon applications when confronted with request for payment of prior balances due. 0 % Industry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1835,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"portfolio_category":[],"class_list":["post-1462","portfolio","type-portfolio","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Veracityid Stops Premium Write-offs and Early Cancellation in New Business - VeracityID<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/test.veracityid.com\/new\/portfolio\/how-veracityid-stops-premium-write-offs-and-early-cancellation-in-new-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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