ChoicePoint, a provider of data products to the insurance claims industry, has launched what is says is the industry's first contributory database of insurance policy information for use by auto insurance carriers.
Known as Carrier Discover, the new product allows a claims adjuster to "instantly identify critical insurance carrier information on claimants or other involved parties in an accident," said Alpharetta, Ga.-based ChoicePoint.
"Our customers tell us that approximately 10 percent of all claims processed as 'uninsured motorist' turn out to be situations where an individual actually did have coverage," said Roy Marler, vice president of ChoicePoint's Claims Record Unit. "Carrier Discovery will assist with identifying those individuals and help improve recovery opportunities, delivering real value for our customers."
According to ChoicePoint, insured drivers bear additional costs because of the need for uninsured motorist coverage. In 2002, the average uninsured motorist claim included injury payments of $8,294 in addition to payments for property damage, the company said.
The Carrier Discovery service can be used to streamline the first notice of loss call process, provide dual coverage information or verify insurance coverage for subrogation, said ChoicePoint. It also can be applied at any point in the claims process.
The service includes data elements such as policy number, carrier name, driver names, vehicle details, and policy cancellation and endorsement dates, the company added. Details are available at "http://www.choicepoint.com" www.choicepoint.comwww.choicepoint.com.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
