ChoicePoint® Introduces New Auto Insurance Verification Tool to Help Insurers Verify Claimant Insurance Coverage
Insurance companies will benefit from new service designed to help carriers with growing problem of uninsured motorist claims.
ALPHARETTA - November 21, 2006 - ChoicePoint (NYSE: CPS), a leading provider of data solutions to the insurance claims industry, has launched the industry's first contributory database of insurance policy information for use by auto insurance carriers. The new solution hosted by ChoicePoint is known as Carrier Discovery and allows a claims adjuster to instantly identify critical insurance carrier information on claimants or other involved parties in an accident.
"Carrier Discovery is the result of our commitment to enhancing the insurance claims industry," said Roy Marler, ChoicePoint vice president, Claims Record Unit. "Our customers tell us that approximately 10 percent of all claims processed as 'uninsured motorist' turn out to be situations where an individual actually did have coverage. Carrier Discovery will assist with identifying those individuals and help improve recovery opportunities, delivering real value for our customers."
Uninsured drivers create potential problems for other drivers, regulators and insurers. Insured drivers bear additional costs because of the need for uninsured motorist coverage, an optional coverage required to cover costs resulting from an accident with an uninsured driver. In 2002, the average uninsured motorist claim included injury payments of $8,294 in addition to payments for property damage.
The Carrier Discovery service can be used to streamline the "first notice of loss" call process, provide adjusters and fraud investigators with dual coverage information, or verify insurance coverage for subrogation. Carrier Discovery is also designed to be applied at any point in the claims process. Carrier Discovery includes such critical data elements as policy number, carrier name, driver names, vehicle details, and policy cancellation and endorsement dates.
About ChoicePoint
ChoicePoint helps businesses, government agencies and nonprofit organizations make better decisions through information and technology solutions. Each year, ChoicePoint helps more than six million people get the jobs they deserve and more than 100 million people get fairly priced home and auto insurance. Small businesses can obtain affordable commercial insurance because of our products. Businesses can cut costs through our authentication and anti-fraud tools. Government agencies use our data and technology to fulfill their missions in all parts of the world.
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