Understanding These Challenges Will Make Your Underwriting Methods More Effective

Times of crisis differ day-to-day

During times of crisis, including the COVID-19 global pandemic, customer expectations differ day-to-day, with a large percentage actively shopping insurance. While the majority of consumers are at the beginning of their insurance shopping journey, the desire for a simple, quick and transparent experience is desired.

This is creating new insurance challenges resulting in premium leakage and higher loss ratios. Without processes in place to validate risk, carriers are subject to adverse selection, turning risk into reward and giving the ability to employ rate evasion tactics while deciphering which drivers do and do not have valid U.S. licenses.

Why are books being impacted?

Due to a rising number of foreign or unlicensed drivers and increasing loss ratios, all through rate evasion tactics. This driver subset prevents immense risk and opportunity when effective underwriting methods are employed.

Our insurance solution, Volta, can help solve for this.

To learn more about SambaSafety’s carrier customer study conducted and the findings, download the white paper.