Digital Recognition Network (http://www.drndata.com), the world leader in license plate identification, asset recovery solutions and risk mitigation strategy is helping insurance companies with fraud mitigation.
(prHWY.com) May 19, 2012 - Fort Worth, TX -- Ft. Worth, May 9--Digital Recognition Network (
http://www.drndata.com), the world leader in license plate identification, asset recovery solutions and risk mitigation strategy is helping insurance companies with fraud mitigation.
The insurance companies are able to combine DRN vehicle location data with other data to create more actionable automotive information. This, in turn, is used for everything from validating insurance claims and tracking rate evasion to finding witnesses or parties to a claim. The key to fraud mitigation are DRN's Vehicle Location Reports featuring firsthand photographic evidence and mapping of public vehicle sightings, including a photo of the vehicle, a photo of the vehicle's license plate, date and time stamp for each photo, GPS coordinates for each location where the vehicle was sighted and display of coordinates on a geo-map offering road and satellite views of the location.
"Look at rate evasion," said Chris Metaxas, CEO of Digital Recognition Network. "If a car owner registers a vehicle in New Hampshire, but our data analytics show that vehicle is consistently at a home and at an office in Boston, where insurance rates are much higher, it allows the insurance company to make a pretty good claim for that higher rate."
By integrating DRN's data into the process flows of the collections and investigative units, insurance companies begin to see immediate impact on fraud mitigation with using DRN's data analytics for scoring, targeting and optimization of workflow.
About DRN
Digital Recognition Network (DRN) is a data company exclusively focused on license plate recognition, asset value preservation, fraud mitigation and on automotive data derived from license plate identification. By recovering, storing and grouping data on vehicle location, where vehicles go and who drives them, DRN is able to provide value to clients to help them make better, more profitable decisions while preserving asset value. An industry pioneer in vehicle asset location technology and asset recovery, DRN fuels a national network of more than 550 affiliates employing mobile license plate recognition technology that gathers the automotive data. Because this license plate identification technology is used in every major metropolitan area in the United States, DRN captures automotive data on up to 50 million vehicles each month. With more than three-quarter billion data points gathered to date, DRN has the largest vehicle location data base in existence. We are proud to maintain strict standards for privacy, compliance, and data integrity. For more information visit:
http://www.drndata.com.
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