JERSEY CITY, N.J., June 11, 2012 – Verisk Insurance Solutions, a unit of Verisk Analytics (Nasdaq:VRSK), announces the availability of the QPC Mileage CalculatorTM. The new predictive model provides real-time mileage estimates for each household vehicle during web, call center, or agency-based quote and point-of-sale processes.
“Annual and commuting mileage are critical rating variables for many carriers,” according to Raj Bhat, president of Verisk�s Quality Planning (QPC) unit. “Until now, these variables have been difficult to obtain at the front end of the new-business process. Questions are cumbersome and time-consuming during the quote process, and policyholder self-reported estimates are all too often incorrect.”
“The QPC Mileage Calculator streamlines the quote process and greatly increases accuracy,” continued Bhat. “It�s so much more effective to ask consumers to validate a modeled mileage estimate versus responding to an open-ended question.”
Verisk estimates that more than $3 billion in legitimate approved auto premium is lost each year because of mileage rating error. The QPC Mileage Calculator applies predictive analytics and algorithms to analyze household demographics, driver characteristics, and specific vehicle data to estimate miles driven for each vehicle in a household.
The QPC Mileage Calculator can be licensed independently or used as part of a broader offering to identify inaccuracies in other key rating elements, such as unreported drivers, garaging territory, business use, driver assignment, and more.
About Verisk Insurance Solutions
A unit of Verisk Analytics (Nasdaq:VRSK), Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.