Feature Data – All in the Details

Once you know what features are installed, it’s time to get the details on those features. For example, build data may provide you with the marketing name for a feature installed on a vehicle, but feature data will tell you what the feature is, what it does, what it’s made of, and more…

So why would you need that level of detail? With the specifics about the features installed on a vehicle, a carrier can analyze the impact that feature has on frequency and severity of loss. That intelligence can then be built directly into pricing models.

For example, a carrier might find that a specific active lane departure feature greatly reduces frequency and severity of loss for drivers. That information can be brought to the state during the new rate filing process to request discounts for vehicles with that exact feature. From there, when a customer requests a quote with that insurer and types in a VIN that indicates the existence of that feature, the approved discount can be applied to their quote providing the customer with optimal pricing for their policy.

Next up: putting it all together >

If you missed other posts in this series, check them out now:

Catalog Data: Every Vehicle Everywhere All at Once >
What can you really learn from a VIN? >
Build Data: Your Insured Vehicle’s Birth Certificate >