LPR is used often by insurers during underwriting POS and renewal to help assess risk, confirm rating accuracy and prevent premium losses.
– Our Garage Aware data service can help personal lines carriers uncover potential garaging fraud at point of sale and/or at renewal by validating customer-supplied underwriting information and identifying inconsistencies.
– For commercial lines carriers, an incorrect “radius class” policy designation can increase a carrier’s risk by 40%. Our Radius Response data service can help identify vehicles operating outside of their radius class to help insurers optimize premiums and identify potential fraud.
– For both personal and commercial lines insurance carriers, LPR and DRN’s analytics can help insurers identify the likelihood of material misrepresentation….when the insured has made untrue statements that could affect the insurer’s acceptance of the risk and/or that would change the rate. LPR can help identify material misrepresentation in cases of garaging and radius class misrepresentation as well as commercial use of a personal vehicle.
LPR is also a critical datapoint in the claims process and SIU cases as the data and insights can help build the vehicle stories that insurers need to prove or disprove a claim. Insurers can use various DRNsights tools to investigate, verify and prove pre-existing damage, actual garaging areas and more.
There is a great opportunity to further expand the value of LPR within the insurance industry beyond these current applications. As license plates, public records and other types of data become more available, more automated and more expansive, we believe DRN’s unmatched vehicle image database and patented analytics could be an end-to-end solution for insurers.
From the initial quote stage, through claims and investigations, to policy renewals, we’re excited to continue working with our insurance partners on innovative ways DRN can drive their success from start to finish.
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