Auto insurers lose at least $29 billion a year, according to a 2017 study by Verisk, to premium leakage, the “omitted or misstated underwriting information that leads to inaccurate rates.”* Add in the cost of fraudulent claims and the costs grow even larger, up to $40 billion annually.
We’re excited to introduce DRNsights for Insurance 𑁋 a powerful new platform fueled by vehicle location data and analytics, with a modern and intuitive user experience. With over 15 billion vehicle location data points in over 300 markets, DRNsights helps prevent premium loss and overpayment by better identifying material misrepresentation and fraud.
For the past eight years, insurance carriers and investigators have relied on DRN’s Event Links product for data analytics and insights to detect fraud and properly rate policies. As our customers’ needs have evolved, we’ve been listening! Our customers’ feedback and focus on continuous improvement led us to create DRNsights for Insurance, a next generation platform to complement and enhance the policy creation and claims investigation processes.
DRNsights for Insurance offers:
- Cloud-based platform to ensure secure, 24-7/365 access
- A new modern, intuitive and user-friendly interface
- Monitoring features with real-time notifications
- Customizable reporting options
- Standards-based APIs and single sign-on functionality
DRNsights Investigations, the first from the new suite of products on the platform, includes vehicle sighting search features that allow investigators to review analytics and images of each vehicle location record to gain insights that tell the full story. Vehicles can also be monitored for new sightings that help continue in building a case.
Now, DRNsights Investigations takes the power of vehicle location data to the next level by providing the tools to research suspicious auto claims and evaluate pre existing damage, commercial use of a private vehicle, PIP, staged accidents, commercial use, and theft fraud. It can also support underwriting to properly rate policies and avoid premium leakage due to commercial use of a personal vehicle.
To learn more, contact our team here.
* Background on: Insurance fraud, Insurance Information Institute, February 15, 2022