We’ve discovered how to determine the amount of preexisting damage (PED) in a given US auto insurance book. Up until now, no one knew because the only way to determine how much is being dishonestly claimed is to invent the innovation that eliminates it. Which is what we have done.
It turns out that personal lines auto insurance PED constitutes anywhere from 5 to 15% of NPW in the first policy year depending upon the channel and the customers served. It is the single biggest addressable improvement opportunity in Auto. And our solution – idMobile – virtually eliminates it.
We knew this was a big deal when we saw the crowd reaction at a recent conference where our innovation partner, Met P&C presented their experience with idMobile. The room was packed, other ‘fraud solution providers’ were standing in the back recording with their phones and at the end, the lone VeracityID representative was mobbed.
Yet it’s hard to get carrier management’s attention. Everyone’s so busy with their current initiatives. But how many of those initiatives can stack up to getting a ten point pricing edge? And idMobile is just one of a string of bottom line enhancing anti-fraud innovations we’ve built using the same tech platform and philosophy.
Sometimes markets experience discontinuities that offer extraordinary opportunities to those that take them. We think this may be one of those times. We’d like 30 minutes to see what you think.