Motor vehicle records (MVRs) are currently weighing insurers down
Hear from Rick Fendell, SambaSafety’s Vice President, Data Solutions & Channels, on “The Blind Spot,” as he speaks on how insurers are using MVRs as a gatekeeper for personal violation data and to understand whether potential customers will fit a company’s risk profile.
To appropriately remain risk averse and determine how you price that risk, you have to begin looking at the cost associated with MVRs, ranging anywhere from a few dollars to thirty. With such a wide variety of cost, it is tough to predict what your expenses could be.
Consider Too That Wherever Your Applicants Come From, There is the Potential for Increased Cost
The MVR spend is one of the largest line items on an underwriter’s expense report – so how can technology solve this problem?
Insurance companies are spending money to reinvest in technology focused on giving their customers the best experience possible. That’s why SambaSafety has made efforts to ensure seamless integration with our insurance-facing solution, in the hopes that it makes insurance provider lives easier. After all, utilizing technology to optimize spend is integral.
To learn further on how there’s no bad risk but poorly priced risk, download our white paper surrounding How Driver Monitoring Improves Combined Ratios and Protects Your Customer’s Bottom Line