A common underwriting fraud in WC is allocating employees to the wrong class code. For example, an auto repair shop saying they only have 5 employees working on autos in the the shop bay (a higher rated class code), and 5 others are management or clerical (a lower one) resulting in higher-than-expected losses.
VeracityID detects and eliminates this by automatically using the business’ own data to cross-reference and validate employee data for reasonableness. Outliers can then be investigated further. Result, carriers avoid lowball premiums.
