TransUnion, the credit and risk management service provider, and Drivers History, a provider and aggregator of traffic and criminal court data, partnered to provide a service that allows auto insurance carriers to identify drivers with ratable activity through the use of motor vehicle reports (MVRs).
Insurers can integrate TransUnion Driver Risk into their existing underwriting and rating models, TransUnion says, and create a predictor of loss. It can be used across the policy lifecycle from customer onboarding to renewal, as well as in claims and special investigations.
The partnership comes at an apt time, as states have been increasing MVR fees as a source of revenue. "The insurance industry spends in excess of $1.2 billion annually on DMV-issued and other motor vehicle records to verify the driving history of their applicants and policyholders," Mark McElroy, executive vice president of TransUnion's insurance business unit, says in a statement. "Our partnership with Drivers History will benefit insurance carriers by helping them to manage this cost while at the same time gaining access to more robust information at multiple points."
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