New Business Underwriting
Drivers History’s flagship product, DocIT™ contains court-based traffic violation data with a level of detail that is often beyond what is available or shown on the state motor vehicle report (MVR). Because the data is collected at a point in the legal process far in advance of the eventual transcription to the formal MVR, DocIT™ reports violations weeks or months earlier than previously available. DocIT™ is available for use in the automobile insurance industry across the entire policy life cycle. Imagine having insight into 100% of your drivers’ records at a price that makes it both affordable and reasonable to use!
Use in New Business Underwriting
DocIT™ is not a model or a predictor of ratable driving activity; it is a direct indicator of actual violation activity. DocIT™ is extremely accurate in identifying drivers with ratable activity. This makes DocIT™ the ideal supplement for companies to use in their existing MVR process.
Specifically DocIT™ will:
Reduce MVR Expenses
DocIT™ permits companies to significantly reduce MVR expenses, for both new and renewal business, by allowing carriers to pre-screen all of their drivers and limit MVR orders only to those drivers with ratable violations. If, for example, 80% of a carrier’s MVR orders come back clean, DocIT™ allows a company to accurately pinpoint those 20% of drivers with ratable violations before the MVR order is placed and limit the order to only those drivers.
Identify Pending Violations
DocIT™ allows companies to identify pending violations (i.e., DUIs which have been ticketed but not yet adjudicated) before they show up on an MVR. This information can be used to obtain a customer’s self-admission, to put a driver on a watch list to accelerate action, or can be used to take action itself.
Identify and Take Action on Convictions that Never Make it onto an MVR
An industry study* indicated that up to one in five convictions for traffic violations never make it onto an MVR. Since DocIT™ captures conviction information directly from the courts, DocIT™ permits companies to identify these “missing” violations and take action accordingly. Surcharging these drivers can be a source of considerable revenue and risk mitigation that would otherwise be missed.
* Within the states reviewed in the Insurance Research Council (IRC) 2002 study, “Accuracy of Motor Vehicle Records: An Analysis of Traffic Convictions”
Contact us for information regarding the other possible uses of Drivers History’s data.