(Image source: TransUnion.)
StoneRiver, Inc., a Denver-based provider of insurance technology solutions owned by Sapiens (Holon, Israel), has integrated TransUnion’s (Chicago) DriverRisk’s court record violation information into its insurance management system. DriverRisk is designed to optimize underwriting by delivering timely Motor Vehicle Report (MVR) alerts, enabling StoneRiver’s insurance clients to screen drivers and life insurance applicants more efficiently, according to a TransUnion statement.
TransUnion notes that insurers expend significant resources to acquire Motor Vehicle Reports (MVR), even though approximately 70 percent of drivers have clean driving reports. With TransUnion DriverRisk screes a carrier’s applicants against the vendor’s court record violation database, rapidly identifying those who have prior driving/traffic conviction activity, the vendor explains. StoneRiver’s platform (LifeSuite) orders MVR for any application type the carrier designates as needing an MVR.
“Carriers simply want a better way to affordably access and analyze data about driver behavior, while also maintaining profitable growth and accurate rates for applicants and policyholders,” comments Mark McElroy, executive VP of TransUnion’s insurance business unit. “With today’s integration announcement, StoneRiver’s clients can flag life insurance applicants with violations early in the underwriting process to determine when an MVR is needed. DriverRisk also enables StoneRiver’s clients to target drivers with specific violation profiles, such as drivers with no violations in the last three years, to better risk profile life insurance applicants.”
Advanced Search Logic
With advanced search logic, TransUnion DriverRisk reveals an individual’s violation activity regardless of changes to their name, address, or driver’s license number, the vendor adds.
“Integrating TransUnion’s DriverRisk into our software platform benefits our customers – it’s an innovative way to help make underwriting more precise, efficient and lower costs,” said Jerry Whetnall, vice president, Product Strategy of North America, Sapiens StoneRiver, Inc. “Working with TransUnion to strengthen our insurance management portfolio with court violation data helps carriers have access to richer and more timely information for analyzing the driver histories of both current and prospective policyholders.”