COMMON LANGUAGE®
Address Analysis System
(LocateIt® System):
Insurance Industry
Here is one of the many ways in which the LocateIt System can help your insurance-related company:
Air Mileage Calculations
The Actuarial department of a national insurance company has been charged with verifying the daily distance-driven statements of its policy holders. This is a difficult task because there may be back roads that would allow an individual to travel fewer miles than the distance claimed. At the same time, the company does not want to unnecessarily challenge these statements based on inaccurate information.
As a safe-proof method, the insurer has adopted a process whereby daily distance-driven statements are compared to the air-mile distance between the individual's home and workplace. Through an interface with the company's Customer Data System, the LocateIt System is used to calculate the air mileage (see example) and produce reports identifying only those policy holders whose air mileage exceeds the daily distance-driven statements.