CHICAGO, IL--(Marketwired - Mar 24, 2014) - TransUnion and Drivers History, a market leader in acquiring, processing/aggregating and distributing traffic and criminal related court data, announced today a new revolutionary service for the insurance industry -- TransUnion DriverRisk(SM) powered by Drivers History.
The service permits auto insurance carriers to supplement their existing processes and identify those drivers with ratable activity, optimizing the use of motor vehicle reports ("MVRs") while managing expenses. This collaboration also creates a powerful predictor of loss that insurers may integrate into their existing underwriting/rating models.
The timing of DriverRisk comes as the cost for MVRs, the single largest expense for auto insurance carriers, continues to rise as states increase MVR fees as a source of revenue.
"The insurance industry spends in excess of $1.2 billion annually on DMV-issued and other motor vehicle records to verify the driving history of their applicants and policyholders," said Mark McElroy, executive vice president of TransUnion's insurance business unit. "Our partnership with Drivers History will benefit insurance carriers by helping them to manage this cost while at the same time gaining access to more robust information at multiple points."
TransUnion DriverRisk is available for use across the policy lifecycle from customer onboarding to renewal, as well as claims and SIU.
"Our comprehensive reports offer enriched data and analytics in real-time to help insurance carriers make smarter decisions," said Stephen Esposito, Drivers History's CEO. "The adoption and integration of this type of data has grown significantly across the industry and many more insurers, including some of the largest private passenger insurers in the country, are actively leveraging it to significantly reduce their underwriting expenses and/or enhance their current underwriting and rating processes."
For more information about DriverRisk, contact Adam Pichon at email@example.com.
As a global leader in information and risk management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering high quality data, and integrating advanced analytics and enhanced decision-making capabilities. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 33 countries around the world. www.transunion.com/business
About Drivers History
Drivers History is the industry leader in acquiring, processing/aggregating and distributing traffic and criminal related court data for insurance risk management. Drivers History maintains DocIT™, a comprehensive real-time database of drivers in a variety of states that commit moving violations and other offenses. DocIT™ enhances insurance pricing, underwriting, fraud detection and retention activities. Privately held and headquartered in Cherry Hill, NJ, Drivers History has been collecting open public records and other data since 2002. www.drivershistory.com.