{"id":1298,"date":"2018-10-09T15:43:00","date_gmt":"2018-10-09T15:43:00","guid":{"rendered":"https:\/\/tst418075918.wordpress.com\/?p=59"},"modified":"2022-10-05T12:36:44","modified_gmt":"2022-10-05T12:36:44","slug":"heres-how-you-reduce-first-year-auto-losses-by-five-or-more-points","status":"publish","type":"post","link":"https:\/\/test.veracityid.com\/new\/heres-how-you-reduce-first-year-auto-losses-by-five-or-more-points\/","title":{"rendered":"Here&#039;s how you reduce first year auto losses by five or more points."},"content":{"rendered":"<p><span><span>Everyone in Property &amp; Casualty insurance industry knows about the first year auto insurance loss &#8216;bump&#8217; &#8211; new business almost always loses money in the first year. One reason for this is the industry&#8217;s inability to efficiently identify and screen out preexisting damage claims.\u00a0<\/span>No more.<\/span><br \/><span><br \/><\/span><span>Because VeracityID has developed\u00a0<span style=\"color:#0b5394;\"><span style=\"line-height:107%;\"><span style=\"font-size:13.5pt;\">idMobile<\/span><sup><span style=\"font-size:xx-small;\">TM<\/span><\/sup><\/span><span style=\"font-size:11pt;font-weight:bold;line-height:107%;\">\u00a0&#8211;\u00a0<\/span><\/span>an on demand web app delivered to a customer&#8217;s smart phone during a quote or application session &#8211; that allows the carrier to gather secure, accurate images of customer vehicles. Using\u00a0<span style=\"color:#0b5394;\"><span style=\"line-height:19.26px;\"><span style=\"font-size:13.5pt;\">idMobile<\/span><sup><span style=\"font-size:xx-small;\">TM<\/span><\/sup><\/span><span style=\"font-size:11pt;font-weight:bold;line-height:15.6933px;\">\u00a0<\/span><\/span>\u00a0can reduce first year auto policy loss experience by 5 or more points.<\/span><br \/><span><br \/><\/span><span>Using\u00a0<\/span><span><span style=\"line-height:19.26px;\">i<span style=\"color:#0b5394;font-size:13.5pt;\">dMobile<\/span><sup style=\"color:#0b5394;\"><span style=\"font-size:xx-small;\">TM<\/span><\/sup><\/span><span style=\"color:#0b5394;font-size:11pt;font-weight:bold;line-height:15.6933px;\">\u00a0<\/span><\/span><span>Has led to several surprising discoveries:<\/span><\/p>\n<ul>\n<li><span>The vehicles of customers shopping for auto insurance have a surprising level of damage. One third of the vehicles in bound policies that used\u00a0<span style=\"color:#0b5394;font-size:13.5pt;\">idMobile<\/span><sup style=\"color:#0b5394;\"><span style=\"font-size:xx-small;\">TM<\/span><\/sup>\u00a0had evidence of at least moderate preexisting damage.<\/span><\/li>\n<li><span>Utilization of\u00a0<span style=\"color:#0b5394;font-size:13.5pt;\">idMobile<\/span><sup style=\"color:#0b5394;\"><span style=\"font-size:xx-small;\">TM<\/span><\/sup>\u00a0leads to a significant reduction in early claims and in claims severity for those customers who use the product.<\/span><\/li>\n<li><span>When we ask customers to use\u00a0<span style=\"color:#0b5394;font-size:13.5pt;\">idMobile<\/span><sup style=\"color:#0b5394;\"><span style=\"font-size:xx-small;\">TM<\/span><\/sup>\u00a0during quote or application, the great majority of them successfully comply.<\/span><\/li>\n<\/ul>\n<div><span>Based upon results to date we are confident that use of\u00a0<\/span><span>idMobile<\/span><sup style=\"color:#0b5394;font-family:arial, helvetica, sans-serif;\"><span style=\"font-size:xx-small;\">TM<\/span><\/sup><span>\u00a0will result in a five or more point reduction in loss experience<\/span><span>\u00a0in the first year alone.\u00a0<\/span><\/div>\n<div><span><br \/><\/span><\/div>\n<div><span>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\u00a0<span style=\"color:#0b5394;\"><span style=\"line-height:19.26px;\"><span style=\"font-size:13.5pt;\">idMobile<\/span><sup><span style=\"font-size:xx-small;\">TM<\/span><\/sup><\/span><span style=\"font-size:11pt;line-height:15.6933px;\">\u00a0<\/span><\/span>\u00a0<\/span><br \/><span><br \/><\/span><span>For more information contact wreeves@veracityid.com or sales@veracityid.com or see more information on our website at www.veracityid.com\/idMobile<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Everyone in Property &amp; Casualty insurance industry knows about the first year auto insurance loss &#8216;bump&#8217; &#8211; new business almost always loses [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1298","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here&#039;s how you reduce first year auto losses by five or more points. - 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\/heres-how-you-reduce-first-year-auto-losses-by-five-or-more-points\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here&#039;s how you reduce first year auto losses by five or more points. - VeracityID\" \/>\n<meta property=\"og:description\" content=\"Everyone in Property &amp; 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