DRIVERSKNOWLEDGE™ Improves Underwriting

DHI can help insurance companies to write better insurance policies. The more information an underwriter has, the better he or she will do. Using DRIVERSKNOWLEDGE™, underwriters have access to the most comprehensive database available of drivers who commit traffic offenses, such as speeding, reckless driving or DWI, and criminal offenses. The information in DriversKnowledge™ is much more current and complete than anything you could get from an MVR, since DHI picks up information when a ticket is issued as well as tracks the initial ticketed charge and any downgrade through disposition. (This can be contrasted with MVRs which only report information after the final adjudication and only tracks final outcome which is generally a downgraded charge.)

DRIVERSKNOWLEDGE™ Reduces MVR Costs by More than 50% and Permits Insurance Companies to Evaluate the Driving Records of all Prospective and Existing Customers

Today it is standard industry practice for insurance companies to pull motor vehicle reports (“MVRs”) on potential or existing clients on renewal. Unfortunately, this exercise has become extremely expensive; so expensive in fact, that most companies do not pull MVRs for all of their insureds upon renewal, instead relying on a statistical sample to manage costs.

Strategically using DRIVERSKNOWLEDGE™ permits insurance companies to evaluate the driving records of all of your prospective customers during the underwriting/customer intake phase and all of your existing customers on a continuous basis at close to half of what you are spending today on traditional MVRs.

DHI can do this because the vast majority of MVRs typically come back as blank -- industry research indicates that over 89% of all MVRs are blank since this percentage of drivers have not been ticketed within 36 months of the report. By pre-screening all of the drivers though DRIVERSKNOWLEDGE™, insurance companies can limit pulling MVRs to only those drivers who have been convicted of a moving violation.

Moreover, insurance companies can screen their customer list against DRIVERSKNOWLEDGE™ on a daily basis to be notified anytime one of their insureds is ticketed.

DRIVERSKNOWLEDGE™ Minimizes Risk and Improves SIU and Claim Performance

SIU and Claims investigators can use the information contained within DRIVERSKNOWLEDGE™ to identify undisclosed customary operators and household members and identify potential additional PIP coverage. (Collectively this information is invaluable with regard to voiding policies due to material misrepresentations.) DRIVERSKNOWLEDGE™ also permits investigators to construct the fullest possible history of a person’s driving record and vehicle ticket history. (This information is not available from any other database.)

DRIVERSKNOWLEDGE™ Improves Insurance Marketing

Insurance companies spend millions of dollars each year marketing to new customers. Unfortunately a lot of this money is wasted on people who receive solicitations at a time when they don’t need insurance or who would never meet the company’s underwriting standards.

With DriversKnowledge™, insurance companies can:

  • Refine their prospecting activities by hyper segmenting the universe of available respondents.
  • Target individuals based on their driving history to market specific promotions (i.e., such as point forgiveness)
  • Suppress people from its marketing activities that would never meet their company’s underwriting criteria. (On average, companies can reduce their marketing expenses by 15%-20% by more focused suppression.)
  • Append driving information to its housefile and third party marketing files to improve segmentation and improve overall response rates.

Use DRIVERSKNOWLEDGE™ to turbo charge your Direct Marketing Campaign

Information is the key to any effective direct marketing campaign. DriversKnowledge™ has applications for marketing well beyond the automotive insurance industry. The following are representative companies which have used DriversKnowledge™ to improve their direct marketing campaigns:

  • Substance Abuse Centers – use DriversKnowledge™ to target individuals who have received multiple tickets for DWI.
  • Radar Detector Manufacturers – use DriversKnowledge™ to target individuals ticketed for speeding.
  • Credit Card Companies – use DriversKnowledge™ as part of their formula for determining credit worthiness.
  • Extended Automobile Warranty Companies – use DriversKnowledge™ to target individuals whose vehicle manufacturer warranty is due to expire.
  • Automobile Dealers and Car Enthusiast Magazines -- use DriversKnowledge™ to target individuals based on the cars they drive.
  • Law Firms -- use DriversKnowledge™ to target individuals based on the tickets they have received.

Whether by itself or appended with information, such as income, DriversKnowledge™ can provide you with the data you need develop new customers in the most cost efficient and effective manner.