SambaSafety’s Volta platform provides a better way to do business, one that enables underwriters to do their job more accurately and efficiently. Whether you offer commercial or personal coverage, understanding, selecting and pricing the right risk is a labor-intensive, expensive process. If activity is found, you can configure fast, automated rules to determine next steps – which may then include purchasing a full MVR if desired. If this activity check passes, no further checks or expenses are required. Once the driver is identified, the carrier can confidently order an activity check for violations on a driver’s MVR. For underwriters, License Validation is just the first step in this incremental approach. Volta offers an affordable, stair-step approach for identifying and pricing risk. This enables underwriters to confidently pull MVRs only for the high-risk population. Volta saves carriers significant time and money by quickly identifying the 30% of drivers that present the most risk. Improve Underwriting Accuracy and Efficiency with Voltaħ0% of a book of business is clean. With License Validation, underwriters can immediately verify whether the information is true, inaccurate or unfound – saving both time and money. Ordering MVRs to confirm driver information is both costly and time-consuming, especially if the driver’s license information inputted by a customer is invalid. License Validation can even detect when rate evaders use alternative data services to forge a clean driving record and take advantage of good driver discounts (such as Prop 103 in California). With License Validation, you can quickly combat costly premium leakage by identifying rate evaders – a $3 billion issue currently facing the insurance industry. With License Validation, you can detect fraud earlier in the policy lifecycle by confirming the driver’s credentials are valid before purchasing a full MVR. On average, 5% to 15% of a carrier’s queries are inaccurate due to fraud or typos. What are the Benefits of License Validation? Identify Fraud Early in the Lifecycle License Validation confirms that the information provided by an applicant matches the information maintained through the Motor Vehicle Administration – for 80% less than the cost traditionally incurred through the DMV. Carriers can combat these costly tactics early in the policy lifecycle with Volta’s License Validation tool. For auto insurance carriers, having the right tools place to detect fraud during quote and bind is critical in maintaining profitability. According to the Insurance Journal, anywhere from $80 billion to $200 billion is lost to insurance fraud each year. Rate evasion, fraud and premium leakage are major concerns affecting profitability in the insurance space. Read on to discover the unique benefits and features behind Volta’s License Validation tool. Our License Validation services now include 39 states and counting. With this in mind, we are excited to announce that our comprehensive insurance software, Volta, is the only solution on the market to offer License Validation in the state of California. At SambaSafety, we are constantly growing and expanding our services – it’s why we are able to offer the most comprehensive driver data network in North America.
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