Do you know exactly what you’re insuring?
As we meet with subscribers to discuss the results of our recently published Auto Insurance Study, we know they are focused on the experiences had by the people who their policies cover. But how well do carriers really know the products also covered under those policies? And how can knowing more give them an advantage?
We sit in a unique position where we have access to the Voice of the Customer data that helps inform the customer experience and to the vehicle-level data and insights that inform product quality. What if insurers had access to both? What could they learn?
We’ve launched this series to help educate carriers on the levels of vehicle data they can access and the advantages of incorporating that information into their pricing and risk-analysis modeling.
First up, we’re going to explore catalog data.
Catalog data provides a user with a view of all possible iterations of a vehicle that could exist. If you were to try to locate a specific vehicle using catalog data, you could find the standard equipment for that vehicle along with what is and/or was available as added features for that vehicle, but you won’t find exactly what is on that specific vehicle.
With catalog data, an insurer can see what features are possible on a vehicle they are covering. But what if they could go a step further?