Audatex, a Solera company, has upgraded its market-leading valuation product Market Value Manager (MVM) to now include eBay-owned Motors.co.uk and cap hpi’s live vehicle valuation data. This advanced offering will assist insurers and their customers to receive a fairer, more accurate and time-sensitive vehicle valuation.
Claims handlers use MVM to more accurately calculate the pre-accident value of a vehicle to make satisfactory settlement offers with customers, backed by credible market data.
“We now offer multiple data points, including real time information, based on which insurers can make their decision. Our aim is to ensure MVM contains the most comprehensive data in order to deliver a highly accurate solution for the market,” commented Christopher Wright, Vice President – North Europe, Solera.
Vehicle values are constantly changing, even during the course of a month. Without access to the latest valuation data, vehicles can be incorrectly valued, that is, a claims handler could easily offer an inaccurate settlement. By utilizing cap hpi’s live valuation data that analyses myriad datasets to establish a true current value, handlers can offer the customer a fair and up-to-date settlement value. This better ensures the valuation decision adheres to the Financial Conduct Authority (FCA) Treating Customers Fairly policy. MVM also now incorporates live retail data, offering multiple open market valuation sources.
Derren Martin, Director of Valuations, cap hpi, said: “Real-time ‘live’ data is paramount for insurers to ensure they offer fair settlement to customers and maintain their profit margin. Continuing world events have added so much strain and complication to the new and used car market that vehicle values are now changing constantly during the course of the month. Our award-winning valuations data helps lower risk in these ever-changing times.”
The semiconductor shortage and the pandemic together have slowed the supply of new cars and seen used car prices climb by 2% in 2020 and more than 30% in 2021. Although there is some speculation that the price surge may now stabilize, this is far from certain. As such, consumers can find that a valuation based on data from the previous month leaves a significant deficit in their purchasing power.
“cap hpi’s valuation data continues to be the principal source of car valuation data for the UK used car market. However, in such a turbulent market, insurers need composite data to ensure that their valuations are accurate, valid and timely,” added Wright.
MVM’s advanced offering will be advantageous to insurers, whose valuations will better reflect the immediate value of the vehicle and enable a better customer interaction. It will also benefit motor insurance customers, for whom the gap will close between their insurer’s valuation and the genuine price of a like-for-like replacement in the secondhand marketplace.
“Solera Audatex is the principal platform serving the automotive industry, insurers and body shops, and our products continually evolve to make sure they meet the needs of the changing marketplace,” said Neil Garrett, Sales Director, Solera Audatex. “We support the industry at numerous critical touchpoints in a vehicle’s life, allowing automotive and insurance professionals to work faster, more accurately and more efficiently.”