Mistakes, misrepresentation and coaching plague a large percentage of new business as policies are being written. Whether it's a savvy policyholder, an agent that massages information to attract the new business or a simple mistake on the entry phase, rating errors do exist. URI's AVP process is designed to obtain the correct information in the initial policy underwriting review period; those first 20 – 45 days when you still have time to correctly price or get off the risk before the policy is bound.
With today's ever changing landscape information gathering programs are essential at every stage of a policy's lifecycle to continue insuring profitable business. Because new business tends to be unprofitable in the first three years and with studies showing over 33% of automobile policies are under priced due to incorrect rating and classification, it is vital to ensure you are correctly rating your risk upfront.
URI's Information Support Center Team verifies and validates information on all or selected new business applications. The new information is sent back to you to make any necessary changes allowing the policy to enter your system clean from its inception. Only policies with changes or new information are referred to underwriting.
Some applications of the AVP Program:
