TransUnion (NYSE: TRU) announced that StoneRiver, Inc., a trusted insurance technology partner, has integrated TransUnion DriverRisk’s highly accurate court record violation information into its insurance management system.
DriverRisk optimizes underwriting by delivering timely Motor Vehicle Report (MVR) alerts so StoneRiver’s insurance clients can screen drivers and life insurance applicants more efficiently.
Today, insurance providers order Motor Vehicle Reports on most applicants at great costs while in fact, approximately 70% of drivers have clean driving records, making these expenses unnecessary. With TransUnion DriverRisk, a carrier’s applicants are screened against TransUnion’s court record violation database rapidly identifying those who have prior driving/traffic conviction activity. 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,” said Mark McElroy, executive vice president 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.”
With advanced search logic, TransUnion DriverRisk reveals an individual’s violation activity regardless of changes to their name, address, or driver’s license number.
“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.”
For more information about DriverRisk, please click here.
About StoneRiver, Inc.
StoneRiver delivers the industry’s widest range of technology solutions and services to insurance carriers, agents, and broker-dealers. This versatile product group encompasses front-office, policy, claim, rating, underwriting, billing, reinsurance, financial and compliance solutions for all major business lines. Hundreds of companies rely on StoneRiver software and processing solutions to achieve a competitive edge. StoneRiver promotes client success by streamlining complex business processes. Visit stoneriver.com for more information.
Source: TransUnion Press Release