Insurers should be able to see the full picture of vehicle history in order to assess risk effectively but this isn’t always the case.
With all the new automotive technology advancements, drivers are fitting their vehicles with new and important safety features. One of the more popular choices is the advanced driver-assistance system (ADAS). This new affordable tech can help reduce accidents which benefit both the driver and the insurer. However, while it’s a great safety option, this feature can also make vehicles more expensive to repair and add to the market value of the vehicle.
For insurers to be able to assess risk data accurately they need to be able to see the full picture. This isn’t always the case. Many times, data only shows surface information with no real deep understanding of vital specific details that could illustrate the true value.
Understanding exactly what’s fitted to individual vehicles is fundamental in being able to accurately price risk at the point of cover. But many insurers still rely on standard risk groupings for vehicles without considering each vehicle’s unique history and status. With the increasing popularity of autonomous driving features that can reduce risk and increase the cost of repair, it’s so important to understand the details of the vehicles on-cover and quoted on a VIN-by-VIN basis.
How can this be accomplished in the most accurate and expeditious way?
We can help! Cazoo Data Services is a disruptive force in the field of vehicle data and valuations. We bring innovative AI and data science-driven modelling to an outdated sector that relied heavily on manual editorial processes and opinion in an attempt to establish current and future vehicle values.
Cazoo Data Services data gives insurers the competitive edge with clear and real-time information to accurately price risk and cover.
Our platform provides precise valuations to help insurers choose the right prices and gain an in-depth view of the vehicle history while providing vehicle comparison with similar models listed in the market. Cazoo Data Services data takes the labour and guesswork out of traditional pricing methods, saving money and hours of work while eliminating errors.
You can learn more on how your business can accurately price motor risk in our informative ebook. And make sure you take a look at our other insightful resources.
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