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August 2015

Verisk Analytics works with the Virginia DMV to provide better insurance reporting.

 

This December will mark the 10th anniversary of Verisk Analytics’ CV-ALIR Decision Engine, which helps insurance companies comply with Automobile Liability Insurance Reporting (ALIR) requirements across the country. As of May 2015, 38 states have ALIR requirements, many of which are unique, creating compliance issues for insurance companies that do business in multiple states. Verisk’s CV-ALIR Decision Engine takes that burden off of insurance companies and provides motor vehicle departments with better, cleaner data.

“For insurance carriers, instead of having to program 38 connections, they send us the data. We then aggregate it, stabilize it and deliver it based on state requirements,” says Stacy Howard, CV-ALIR/CV-Exchange product manager for Verisk’s Insurance Solutions group. “The advantage for DMVs is that we’re streamlining a lot of their IT. The system maintains connections with many different companies, and the DMV has one point of contact.”

Carol Brown, IT project manager for the Virginia Department of Motor Vehicles, works with Verisk on Virginia’s ALIR requirements and explains what these advantages mean for DMV employees: “Because they report for so many companies, I have a Verisk contact who will come to me when they have a question, instead of hearing from 80 different companies,” she says. “They make life easier, because they do a lot of editing in their system, so what we get is very clean data. They’ve been doing it for many years, so they’ve got the process down. If we have an issue, we can reach their people any time.”

Brown also explains that while Virginia has not seen too many changes in its ALIR requirements since the commonwealth started working with Verisk, Verisk is still very adaptive to any changes that crop up.

“For example, if a state makes a programming change and changes its reporting format, instead of testing the change with 50 different connections, the state can test just the one connection with us and it is done [for any carriers that work with Verisk],” says Howard. “So that’s really beneficial to the state.”

Both Brown and Howard agree that the working relationship between Verisk and the Virginia DMV is a strong one. “There can be a lot of turnover at insurance carriers,” says Howard. “So having this long-term relationship—we’ve been working with Carol for a number of years—is good because there’s more consistency.”

For her part, Brown has been impressed with Verisk’s ability to adapt and even go above and beyond what is required by law.

“Verisk is the biggest third party vendor with whom we work,” says Brown, “and they’re very easy to work with. They even handle our acknowledgements [that go out to drivers when their insurance information doesn’t match], which is not covered by law so some third party vendors won’t do it. Verisk has been awesome.”