CARCO

CARCO is a pioneering force in fraud and risk prevention technology, specializing in the automotive insurance sector since 1977. The company leverages a sophisticated Mobile AI technology platform to protect insurance carriers and consumers from a wide array of risk events and fraudulent activities. By integrating advanced AI, a comprehensive data repository, and a powerful fraud analytics engine, CARCO provides a holistic solution that streamlines operations, contains costs, and safeguards bottom lines in a competitive environment. With over 54 million inspections completed for more than 170 insurance carriers, CARCO has established itself as an industry leader with a proven track record of success and innovation.

How to use CARCO

The CARCO platform is designed for seamless integration into the workflows of insurance carriers, offering a multi-faceted approach to fraud prevention.

1. Integration: Insurance carriers integrate CARCO's system into their existing underwriting and claims platforms through a robust API or a dedicated back-office solution.
2. Risk Profiling: CARCO's predictive and prescriptive analytics engine analyzes new policy applications, flagging high-risk prospects that warrant a mandatory vehicle inspection.
3. AI-Powered Inspection: The policyholder or a professional inspector uses the CARCO Mobile AI application to conduct a guided vehicle inspection. The app ensures all necessary photos and vehicle information, including the VIN, are captured correctly. The process is designed to be completed in minutes.
4. Automated Analysis: Once submitted, the inspection data is instantly processed by CARCO's AI and fraud analytics engine. The system validates the vehicle's existence and condition, cross-references data against the National Motor Vehicle Title Information System (NMVTIS), and scans for anomalies or signs of pre-existing damage and fraud.
5. Reporting and Alerts: A comprehensive report is generated and delivered to the insurance carrier, typically within 24 hours. The report details the vehicle's condition and includes any fraud alerts or risk indicators, enabling underwriters to make informed decisions.
6. Ongoing Investigation Support: CARCO's Central Data Repository, which adds 175 million new data points annually, serves as a critical resource for insurers' Special Investigative Units (SIUs) and law enforcement agencies to investigate and prosecute complex fraud rings.

Core Features of CARCO

• Mobile AI Inspection Application: An intuitive mobile app with dual-functionality for professional site inspections and policyholder self-inspections, guided by AI to ensure accuracy.
• Advanced Fraud Analytics Engine: A powerful AI engine that analyzes inspection data in real-time to detect and deter fraud, identifying everything from pre-existing damage to counterfeit VINs.
• Predictive & Prescriptive Risk Profiling: Proactively identifies high-risk policies using advanced analytics, allowing carriers to mitigate risk before a policy is even issued.
• NMVTIS Integration: Direct access to the National Motor Vehicle Title Information System provides crucial vehicle history, including title data from salvage yards, recyclers, and states, as well as open safety recall information.
• Central Data Repository: A massive, proprietary database used to identify fraud trends and provide evidence for investigations, contributing to the breakup of multi-million dollar fraud rings.
• Extensive Inspection Network: A network of over 4,500 physical inspection sites across the United States provides a convenient option for policyholders.

Use Cases for CARCO

CARCO's technology is applied in various scenarios to combat automotive insurance fraud:

• Pre-Insurance Verification: The primary use case is to verify a vehicle's condition and existence before issuing a policy, preventing claims for damage that was present before coverage began.
• Flood Damage Detection: By cross-referencing with NMVTIS and analyzing vehicle history, CARCO helps insurers and consumers avoid insuring or purchasing vehicles with hidden flood damage.
• Stolen Vehicle Identification: The system's ability to detect counterfeit or cloned VINs helps law enforcement and NICB identify and recover stolen vehicles.
• High-Risk Market Solutions: CARCO offers specialized solutions, such as NSA Protect, tailored to the unique fraud challenges of the non-standard auto insurance market.
• Consumer Protection: Through its public-facing service, CheckThatVin.com, CARCO empowers consumers to check a vehicle's title history and recall status before making a purchase.

Advantages of CARCO

CARCO delivers significant value to its clients through a combination of technology and expertise:

• Proven Financial ROI: CARCO delivers an exceptional return on investment, with industry estimates showing that for every $1 invested in inspections, carriers save approximately $41 in potential fraud avoidance.
• Unmatched Industry Experience: With over four decades of dedicated focus on auto insurance fraud, CARCO possesses deep institutional knowledge and expertise.
• Holistic and Integrated Approach: The platform combines mobile AI, predictive analytics, vast data sources, and a physical network to create a comprehensive defense against fraud.
• Operational Efficiency: The automated, streamlined process ensures that 99% of inspections are processed electronically within 24 hours, accelerating the underwriting cycle.
• Powerful Deterrent Effect: The implementation of a mandatory, tech-driven inspection program acts as a strong deterrent to potential fraudsters.

Pricing and Plans

CARCO's solutions are tailored for enterprise-level clients, including major insurance carriers and brokers. Pricing is customized based on the specific needs, volume, and integration requirements of the client. Public pricing is not available. To get a detailed proposal and pricing information, interested organizations are encouraged to contact the CARCO sales team directly for a consultation.