Verification Solutions Inc Information

VeriSol is the first company to offer real-time vehicle insurance verification in compliance with the online Web services approach supported by the insurance industry. Over two years ago, Florida was the first to implement VeriSol Vehicle Insurance Verification (VeriSol VIV) software as part of a pilot program with the Insurance Industry Committee on Motor Vehicle Administration ( IICMVA) that proved that Phase 1 of the IICMVA Web services model was successful in performing event driven real-time inquiries. Many of the insurers are already online and over 100 insurers that provide coverage to over 85% of the vehicles in the U.S. will be online in Wyoming by July 1, 2008. In the past year, Wyoming , Texas, and Utah each have implemented a hybrid approach that combines VeriSol VIV real-time verification with periodic reporting by the insurers to Insure-Rite for optimum accuracy of data matching and ongoing verification. Phase 2 of the IICMVA model which focuses on ongoing verification includes the hybrid approach and recently was approved unanimously by the insurers. The trend toward the hybrid approach is growing because it means standardization for the insurers yet it allows each jurisdiction the flexibility to implement differently based on that jurisdiction's legislation, business rules, preferences, system infrastructure, and budget. VeriSol VIV can be added to existing systems or can provide a complete solution that does not require the jurisdiction to collect or maintain any insurance data or to handle any data error corrections. Each jurisdiction decides on the best way to implement the system and which features to use.