Quality Planning Corporation (QPC) has announced the release of Generation V of its Rating Integrity Solution software.
According to San Francisco-based QPC, both its RISK:check and Precision Re-Underwriting products have been enhanced for use by auto insurers. In addition, the company has launched RISK:guard, a new service for existing customers that helps maintain rating integrity by continually reviewing and monitoring an insurer's book of policyholders.
QPC said its latest Rating Integrity Solution delivers a two-phase process that eliminates customer information errors, enabling auto insurers to determine rating plans and individual premiums.
Rating error, the company noted, is a major source of premium loss "or leakage--costing private passenger auto insurers more than $16 billion annually."
According to QPC, for as little as 10 cents per policy, insurers using Risk:guard can determine whether a policy is priced accurately for the level of risk it covers.
QPC, a member of the ISO family of companies, focuses on providing decision-integrity products for the insurance industry. Further details are available at www.qualityplanning.com.
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