Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics, announces the launch of RISK:check POS (Point of Sale), a new underwriting model for personal lines automobile insurers that identifies applications with a high likelihood of future claims fraud and finds rating errors that result in premium leakage.

Perpetrators of fraud are becoming more sophisticated, and the challenge to control fraud and rating error has never been more complicated. Identifying fraud before the policy is issued as part of the underwriting process has never been more critical.

The National Insurance Crime Bureau (NICB) has cited industry statistics that estimate up to 10 percent or more of insurance claims involve fraud. Furthermore, Verisk Underwriting has estimated that due to incorrect addresses, drivers not listed on policies, and other factors, premium leakage can represent 10 percent of unrealized premium.