Ongoing supply chain issues, cost of living inflation, and rising prices for new and used vehicles, auto insurers face major challenges. Now, more than ever, it is imperative that insurers can price risk accurately, not just competitively.
Getting this wrong could be costly, create negative equity and bad outcomes for consumers as well as hitting the bottom line. Insurers using traditional trade guides, analytical models based on historical data to evaluate repair and replacement costs, could find that this results in an unsustainable combination of inadequate premiums and pressure to raise prices.
The key is accessing more granular, vehicle-specific data sets.
Understanding current and future vehicle values is a central challenge for insurance companies both at point of quote and at the claims stage as they look to win and maintain profitable business. If the correct formula is applied, these changes can generate more precise estimates than ever before, as well as deliver ultra-personalised customer experience.
Easy and immediate access to real-time data, providing both historical and future vehicle values is as important, if not more so than its current market value. This vital information will ensure an accurate outcome and a competitive edge.
This is where data and their valuable insights carry tremendous weight.
Cazoo Data Services offers insurers access to the largest vehicle history database on the planet to help them price risks accurately, retain their customers and smoothly resolve claims quickly and fairly. Our data covers over one billion unique data points, giving unparalleled levels of information about individual cars.
Through simple API integrations, our powerful solutions can be easily integrated into your existing workflows across multiple systems.
With its user-friendly interface, our Claims Companion tool provides a wealth of automotive insights and data in just a few clicks. It instantly provides direct access to hundreds of historical,current and future data points, including :
● Rich Vehicle sales history
● MOTs & test results, VRM, number plate, and keepers
● Detailed timeline of sales events inc. sales advertisements
● Valuations / Market forecasting
Insurers can identify pre existing damage, check for modifications and detect attempted fraud by viewing images, mileage, price and text from previous listings. In addition our data-driven valuations are backed up by comparable vehicles for sale in the current market.
Enhancing the insurer’s efficiency and helping them streamline their settlement processes by providing :
● Rich accurate data, accessible 24/7
● Improved CX with pre-populated forms
● High volume work efficiency
All of this combined enables insurers to have everything they need in one place to offer :
● Fair and accurate vehicle valuation
● Provide a competitive quote and eliminate risk
● Deliver extra value and improve customer journey
● Handle claims, enabling quicker, fairer outcomes and fraud detection
Achieving competitive advantage, profitable wins, and happy customers
People say great things about Cazoo Data Services
The Financial Ombudsman uses our tools along with some of the largest insurance companies, including Direct line, NFU Mutual, Esure, and Covea. We work with insurers, brokers and price comparison websites of every shape/size, powering the complete customer cycle, providing data-derived insights from quote through to claim.
Alex Baird, Engineering Operations Manager at NFU Mutual and his team have been using Cazoo Data Services for over 2 years and say:
“Cazoo Data Services gives us the full picture. Since we started using the tools, handler satisfaction has increased and the information makes claims handler jobs much easier and quicker. For us, Cazoo Data Services is a one-stop shop for the information we need. As a business, we have great customer retention which means we have to offer the best customer service and use the best systems – and that’s why we’ve gone with Cazoo Data Services.”
If you’re ready to take that next step toward digital transformation with advanced innovations that enable a highly competitive business, contact one of our experts at sales@data.cazoo.co.uk or complete our online contact form.
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