Auto insurer Palisades says it is implementing a new cost savings strategy through the use of Driver History Inc.’s DriversKnowledge risk management solution.
The Berkeley Heights, N.J.-based company said the new tool provides a real-time database of moving violations and other offenses to use for insurance underwriting and fraud detection, in addition to customer acquisition and retention.
Joe Scatturo, vice president of operations for Palisades, said in a statement that DriversKnowledge is a “leading-edge approach” to emphasize the company’s commitment to expense control.
“This service allows us to reduce risk management expenses by ensuring we have the most up-to-date driver information,” he said. “It’s part of our overall strategy of finding innovative ways to improve service while controlling costs.”
Scatturo added that the goal at Palisades is to both provide great service while keeping rates competitive.
“The unique solution of DriversKnowledge has allowed us to improve our bottom line by using motor vehicle records in smarter, more targeted and more effective ways,” he said.
DHI’s chief executive officer, Stephen Esposito, added that Palisades’ decision to partner with his company “further validates the fact that our data provides the auto insurance industry with a tremendous amount of value.
“In this challenging economy, DHI provides auto insurers with what they need most – a long-term solution for decreasing underwriting risk and expense ratios,” he said.
Palisades sells exclusively through more than 300 independent agents in New Jersey with insurance written by Palisades Safety and Insurance Association and its two wholly-owned insurers, Palisades Insurance Co. and Palisades Property and Casualty Insurance Co. Palisades Safety and Insurance Management Corp. is a Plymouth Rock managed company.
Palisades strives for cost savings with new risk management tool via IFAwebnews.com .
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