Equifax announced a relationship with Digital Matrix Systems, Inc. (DMS) to introduce a new, innovative credit score alternative for the auto insurance industry. The risk evaluation tool will enable insurers to reduce risk exposure, reduce acquisition costs and simplify the customer quote process. Compare.com, an auto insurance comparison site, will be the first company to leverage the solution after helping to pioneer its development with insurers.
Consumers are increasingly shopping for auto insurance online and turning to comparison sites like compare.com for accurate quotes. The growing consumer penchant for online shopping can prove costly for carriers and frustrating for consumers that do not have insight into potential customers from the start.
According to David Graves, DMS executive vice president the partnership strengthens DMS’ commitment to deliver innovative and highly effective risk management services to the insurance industry. DMS pleased to work with Equifax to deliver this solution. Insurers need more transparency into the financial behavior and history of prospective clients during the underwriting process and consumers are looking for more accurate rate quotes. Streamlining the process from quote-to-purchase helps insurers allocate valuable underwriting resources to mitigate potential risk, while keeping a focus on writing quality policies, a win-win for consumers and the industry.
About Digital Matrix Systems, Inc.
Founded in 1982, DMS is an international risk management solution provider that helps clients leverage the power of data to make better-informed decisions. Through an integrated product suite, DMS delivers secure access to consumer and commercial credit bureaus, as well as specialty data providers. As a reliable partner, DMS helps leading companies predict and manage risk in a variety of industries, including financial services, insurance, and brokerage services. The company provides data warehousing, advanced analytics, scoring models, and comprehensive consulting services, delivering strategic solutions tailored to each client’s business goals. For more information, visit www.dms.net.
compare.com is a limited liability corporation headquartered in Richmond, VA, majority owned by the Admiral Group, LLC, the UK’s second largest auto insurer and a member of the FTSE 100. Currently offering car insurance comparison services for US consumers in 48 states, compare.com allows consumers to fill out a single form and get multiple quotes from trusted auto insurers. Through simple side-by-side comparison, compare.com makes finding the best available rates on car insurance easy.
Source: Seeking Alpha