Insurance Services Office, Inc. (ISO) is bolstering its Automobile-Property Loss Underwriting Service (A-PLUSTM) by developing a new database that will help underwriters, brokers and agents quickly verify coverage and other policy-level information of homeowners and auto policies.
The coverage-verifier database will enable instant checking of both current and previous coverages to identify prospective customers with lapsed or suspended personal property and auto policies. With the coverage-verifier database, insurers will be able to price policies more accurately by applying prior coverage discounts and assigning appropriate pricing tiers for insureds. The information, used in conjunction with loss-history data from A-PLUS, will be valuable for insurers, brokers and agents to evaluate applications from prospective insureds.
The coverage-verifier database will provide independent validation of prior coverage, allowing insurers to avoid binding risks based on erroneous or misrepresented information from prospective customers, while increasing both the submission and retention rates on new business and improving service to prospective customers.
Insurers who provide information to the coverage-verifier database will be able to access a wealth of information to validate proof of prior coverage independently, including:
*policy in-force status
*cancellations, lapses and reinstatements
*information on all insureds listed on the policy
*coverage period
*coverages, limits and deductibles
*driver and vehicle information, such as driver’s license numbers and *vehicle identification numbers
*insurance discounts
ISO will provide coverage-verifier information through ISO PassportSM, ISO’s enterprise-based delivery system that supports Internet access, mainframe-to-mainframe interactive capability and batch processing.
ISO Passport leverages advanced search technology to access and retrieve information, offering users one-stop shopping for all their underwriting data. In addition, coverage-verifier information will be available to agents, brokers and MGAs of participating insurers through the delivery platforms of ISO’s iiX unit.
Topics Agencies Profit Loss
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