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Garaging Address Misrepresentation

Typically 25% of rate evasion attempts involve potential garage address misrepresentation. Such customers are seeking coverage at a variety of lower-cost garaging locations than their primary home – and instead suggest a vacation home, a work place, a family or friend’s residence, a prior residence as the garaging location. Or worse, they may attempt to list themselves or their vehicles on someone else’s policy to avoid a bad driving history, claims record or fraudulent intent. idFusion tools can be configured to deliver a multi-faceted approach to finding such instances.

One such example is highlighted below:

idFusion idFusion receives carrier-supplied application and third party data via one or more web service calls during active transactions. idFusion applies advanced entity resolution solutions to resolve identity, address and other possible data conflicts, and then fuses new information with carrier history to drive a resolved customer identity and data set for further analysis.
idQuoteMonitor idQuoteMonitor identifies applications associated with previous questions and policies, addresses from prior claims to discern possible alternative addresses.
idRulesEngine idRulesEngine integrates idQuoteMonitor findings with application data to creates a ‘rating address mismatch’ alert that may trigger a string of additional inquiries, such as...
idMobile idMobile may be triggered to request a GPS location and confirmation that the applicant is at the garaging address. This GPS data is compared with geolocation services on the various addresses to discern whether the claim is truthful.
idGetData idGetData may be triggered to acquire data from third party data and service provider to confirm whether the claimed garaging address is consistent with other structured data services and a variety of geolocation services currently available .
idResolve idResolve may be invoked if the above services fail to confirm the address. During that session, customers may be asked to upload, mail or photograph evidence of the address, and ask for an eSign acknowledgement of the impact of misrepresentation in the event of a claim.

VALUE IMPACT

• Average negative premium impact of garaging misrepresentation is approximately $500 per policy.

• Can affect from 1 to 4% of policies depending upon channel.