TransUnion (NYSE: TRU) announced the launch of its new National Driving Record solution for the personal, commercial and life insurance industries. This one-stop solution combines DriverRiskSM court records with state Motor Vehicle Reports (MVRs) for a more comprehensive view of a person’s driving record at a reduced cost. This is accomplished by bringing together TransUnion’s extensive collection of traffic-related court records with national state MVRs.
The need for such a solution is apparent. Even though approximately 75% of drivers have clean driving records, the insurance industry still spends more than $1 billion annually pulling MVRs on their driving customers, according to an internal TransUnion analysis.
Insurance applicants or policyholders are screened against TransUnion’s court record violation database. The database then rapidly identifies those who have prior driving/traffic violation activity, so that insurers can eliminate pulling MVRs on drivers with clean records. On average, insurance carriers report saving 30-50% on their total MVR expenses with their use of TransUnion’s current DriverRisk solution. State MVRs now complement the court record solution for a national solution.
With advanced search logic, the TransUnion National Driving Record solution also enables insurance companies to capture valuable insight into:
- Convictions from a prior state (which may be associated with a previous Driver’s License Number), regardless of a change in name or address;
- Convictions while driving outside of resident state;
- Tickets that are still active (not yet adjudicated as guilty)
There are approximately 6.1 million violations in the TransUnion database for drivers who received a ticket in a state other than where they lived. This expanded view of a person’s driving record means that insurers can receive state MVRs that are, in effect, enhanced with court records, where such data is available.
For additional information about TransUnion or DriverRisk and the National Driving Record Solution, please click here.
Source: TransUnion Press Release