CHICAGO, Nov. 08, 2018 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) today announced the launch of its new National Driving Record solution for the personal, commercial and life insurance industries. This one-stop solution combines DriverRiskSM court records with state Motor Vehicle Reports (MVRs) for a more comprehensive view of a person’s driving record at a reduced cost. This is accomplished by bringing together TransUnion’s extensive collection of traffic-related court records with national state MVRs.
“Carriers want a cost-effective way to analyze data about driver behavior to mitigate risk, while also maintaining profitable growth and providing accurate rates for applicants and policyholders,” said Mark McElroy, executive vice president and head of TransUnion’s insurance business unit. “DriverRisk flags insurance applicants with violations early in the underwriting process to determine when an MVR is needed, which directly leads to cost savings.”
The need for such a solution is apparent. Even though approximately 75% of drivers have clean driving records, the insurance industry still spends more than $1 billion annually pulling MVRs on their driving customers, according to an internal TransUnion analysis.
Insurance applicants or policyholders are screened against TransUnion’s court record violation database. The database then rapidly identifies those who have prior driving/traffic violation activity, so that insurers can eliminate pulling MVRs on drivers with clean records. On average, insurance carriers report saving 30-50% on their total MVR expenses with their use of TransUnion’s current DriverRisk solution. State MVRs now complement the court record solution for a national solution.
With advanced search logic, the TransUnion National Driving Record solution also enables insurance companies to capture valuable insight into:
- Convictions from a prior state (which may be associated with a previous Driver’s License Number), regardless of a change in name or address;
- Convictions while driving outside of resident state;
- Tickets that are still active (not yet adjudicated as guilty)
There are approximately 6.1 million violations in the TransUnion database for drivers who received a ticket in a state other than where they lived. This expanded view of a person’s driving record means that insurers can receive state MVRs that are, in effect, enhanced with court records, where such data is available.
“TransUnion is dedicated to finding innovative ways information can be used to help businesses and consumers,” said McElroy. “DriverRisk allows multiple configuration options so carriers can customize the solution to fit their business needs while also empowering them to selectively order MVRs to optimize spend.”
For additional information about TransUnion or DriverRisk and the National Driving Record Solution, please click here.
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for GoodSM.