It’s common practice for commercial insurance carriers to pull motor vehicle records (MVRs) for 25 percent of a prospective customer’s driver base as the administrative burden and associated MVR costs are far too great to pull for the entire population. While this process may save time and money upfront, it’s difficult to provide accurate quotes, putting your company at risk for future losses.
THE AMOUNT U.S. INSURANCE CARRIERS SPEND ON MVRS EACH YEAR
SambaSafety’s Volta platform makes it easy to quickly analyze an entire driver base and identify high-risk drivers who require further examination. Underwriters can order on-demand MVRs on specific drivers, enabling them the ability to assess and accurately price the policy based on the risk the entire population presents, not just a sampling.
Harness the power of automation and data intelligence throughout the underwriting process.
Quickly identify high-risk drivers, access CDL history and pull on-demand MVRs to provide accurate quotes in record time. Reducing administrative time in the quote to bind process means you can increase quote volume with the same team you have today.
With the better insight into a driver base, it’s easy to identify the right types of risk and price policies accordingly to avoid future rate creep. Plus, you’ll delight prospective customers early on by ensuring your quotes are delivered long before those of your competition.
Reduce underwriting expenses by only pulling MVRs on high-risk drivers and slashing man hours that go into producing each quote. Efficiencies gained help lower overall operating expenses, reduce rate creep and have a long-term impact on combined ratios.
We’ve reduced our reliance on self-reporting. Being able to flag drivers before they tell us there’s an issue complements the mandatory self-reporting policy and makes safety much more efficient.
Senior Risk & Safety Analyst