Carrier MVR represents a fundamental shift in processes and an impressive gain in efficiency for our clients. Insurance carriers are readily allocating resources to adopt this product because of the considerable hard and soft gains they can realize immediately upon implementation.
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Rancho Cordova, Calif. (Vocus) June 3, 2008
First Advantage ADR, a leading provider of national driving records and a wholly owned subsidiary of First Advantage Corporation (NASDAQ: FADV), today announced that American International Group, Inc. (AIG) is the most recent insurance carrier to embrace First Advantage ADR’s new process for delivering motor vehicle records (MVRs) used in underwriting to insurance carriers.
Through the new Carrier MVR process, an insurance agent orders a MVR when he or she rates a policy through FSC Rater, a widely used tool offered by FSC Insurance Solutions. The encrypted MVR is electronically delivered to both the agent and the underwriting carrier (such as AIG) at no additional cost to the agent and with no additional steps required. Traditionally, agents would order a MVR and then forward a hard copy of the received record to the carrier. Due to the potentially lengthy time delay of this manual process and the chance that the record may have changed in the interim, the carrier would usually reorder the record to ensure the correct rating before issuing a policy. Carrier MVR eliminates the need for a second MVR as it expeditiously delivers the information to both parties.
"Our agents like the time saving aspects of Carrier MVR," said AIG Agency Auto Product Manager David Golia. "As a carrier, we appreciate the improved efficiency and reduced need to re-rate a policy as we work off of the very same MVR as our agents. And the cost savings produced by not having to reorder the MVR helps our bottom line."
First Advantage ADR President Billie Lee notes, "Carrier MVR represents a fundamental shift in processes and an impressive gain in efficiency for our clients. Insurance carriers are readily allocating resources to adopt this product because of the considerable hard and soft gains they can realize immediately upon implementation."
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
About First Advantage ADR
First Advantage ADR is a d/ba/ (doing business as) for American Driving Records, Inc., a wholly-owned subsidiary of First Advantage Corporation, and is focused on delivering a variety of services to companies that rely on information to keep employees and customers behind the wheel. With driver record data and vehicle record data availability in all 50 states, Washington, D.C., Puerto Rico, the US territories and Canada, First Advantage ADR also supports the underwriting and screening needs of insurance agencies, insurance carriers and other companies.
First Advantage Corporation (NASDAQ: FADV) provides innovative products and services that mitigate risk by helping businesses, non-profit organizations and government agencies make more informed decisions. Headquartered in Poway, CA, the company has more than 4,800 employees in 11 countries that support over 90,000 clients globally. More information about First Advantage is available at http://www.FADV.com.
Director - Marketing
First Advantage ADR
chughes @ FADV.com
Henri Van Parys
Corporate Communications Manager
First Advantage Corporation
henri.vanparys @ FADV.com