TransUnion's National Driving Record Solution Provides More Comprehensive View of Policyholders: "Carriers want a cost-effective way to analyze data about driver behavior to mitigate risk, while also maintaining profitable growth and providing accurate rates for applicants and policyholders".
Position | IN THE NEWS |
* TransUnion has announced the launch of its new National Driving Record solution for the personal, commercial and life insurance industries. This one-stop solution combines DriverRisk[SM] court records with state Motor Vehicle Reports (MVRs) for a more comprehensive view of a persons driving record at a reduced cost. This is accomplished by bringing together TransUnion's extensive collection of traffic-related court records with national state MVRs.
"Carriers want a cost-effective way to analyze data about driver behavior to mitigate risk, while also maintaining profitable growth and providing accurate rates for applicants and policyholders," said Mark McElroy, executive vice president and head of TransUnion's insurance business unit. "DriverRisk flags insurance applicants with violations early in the underwriting process to determine when an MVR is needed, which directly leads to cost savings."
The need for such a solution is apparent. Even though approximately 75% of drivers have clean driving records, the insurance industry still spends more than $1 billion annually pulling MVRs on their driving customers, according to an internal TransUnion analysis.
Insurance applicants or policyholders are screened against TransUnion's court record violation database. The database then rapidly identifies those who have prior driving/traffic...
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