Know What You’re Insuring: Putting It All Together

Having a complete and specific picture of a vehicle benefits the entire insurance ecosystem.

Check out these use cases:

Insurers: The efficiency of online insurance shopping, ease of switching carriers and rising costs of auto insurance have put customer loyalty at a greater risk. Premium discounts for certain features can mean the difference between winning and losing a quote, as well as retaining current customers. With this complete picture of vehicle data, insurers can analyze the features of vehicles that had a loss to see which features impacted loss frequency and severity. Their actuaries then determine which feature(s) they would like to file new ratings for. Carriers are then able to apply discounts at the time of quotes based on a customer’s VIN. Being able to provide these discounted rates at the time of the quote can help the carrier win business with more accurate pricing.

Repair Networks: Having this information available can actually help lessen the time and cost associated with a damaged vehicle. How? When repair shops have this specific level of detail, they can better identify the exact replacement part required. When a vehicle is brought in without this level of information, cost and time to repair both increase as the repair shop has to order multiple versions of the replacement part to determine the right one, leaving the insurer to foot the restocking fee for the unused parts. For example, if a customer brings a vehicle with a cracked windshield in for repair, the glass company can reduce the time needed to identify which windshield with which sensors specifically is on the vehicle so they can select the right one and have the right information for how to calibrate that specific part.

Auction Houses: The complete vehicle data story helps auction houses create a detailed description of a vehicle including accurately matching the correct parts to the vehicle on offer (e.g. adaptive headlamp, HID v. halogen). These precise descriptions improve the chance of selling that vehicle at the most optimal price. This data can also be used to enhance the auction house sales portfolio by providing the information needed to create an inventory of parts available rather than simply marketing the total loss vehicle. This would allow users to search across auctions for vehicles with similar or desired features with clear ADAS identification.

Want to see vehicle data in action? Contact us now for a demo to see how you can leverage holistic, detailed vehicle data to improve your decision-making processes.

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 >
Feature Data – All in the Details >