In an important new development for the motor insurance market, LexisNexis® Risk Solutions in collaboration with Cazana, the vehicle data expert, has launched near real-time vehicle data such as valuation and insights related to MOT history into the quote and renewal process and are excited to have the first customer on-board. This data is available alongside more than 42 further public and private data sources, through the LexisNexis® Informed Quotes platform.
LexisNexis® Informed Quotes provides a swift, automated and accurate understanding of risk through the data enrichment of over 220 million insurance quotes a day. This initiative is now available to give the market a more complete understanding of risk at point of quote whilst supporting vehicle validity checks.
Cazana’s innovative valuation and insight service uses big data from classified car ads to produce a vehicle value that is truly indicative of its worth on today’s market. Cazana’s data spans the globe and covers over one billion unique data points, giving unparalleled levels of enriched data about individual cars. By combining DVLA feeds, motor dealership feeds and other website data, Cazana provides a variety of new vehicle data insights which are designed to empower insurance providers at the point of quote, including:
- Vehicle valuations (derived from a wide range of vehicle advertisement and sales data)
- MOT data enrichment (including previous test dates, pass/fail, advisories, and overall trends during the current ownership period)
- Vehicle keeper (specifically the number of present and past keepers as well as the exact dates of these owner changes).
The addition of Cazana data to LexisNexis® Informed Quotes helps support right-first-time quotes on new business, renewals and mid-term adjustments, by validating information supplied by the applicant whilst offering the potential to reduce the level of detail the customer may need to provide.
Working with Cazana, we have been able to solve a market challenge: making this essential vehicle data available at the fingertips of UK motor insurance providers, solving the traditional reliance on self-declarations at quote and renewal. The data is delivered through a a single point of entry – the LexisNexis® Informed Quotes platform – for integration with existing risk assessment data sources, working with our existing technology.
This new initiative brings Cazana’s high-quality data into the point of quote workflows for new business and renewals, for the first time. The quality of this vehicle data, including the innovative way in which it is sourced, will help smooth the quote journey for both insurance providers and their customers.
Cazana is a trusted provider of accurate, fast and reliable vehicle data insights to a range of global clients with a focus on data quality that matches the values we hold at LexisNexis Risk Solutions. This new strategic relationship demonstrates our commitment to solve pain points for the market through the combination of proprietary data, high-quality, third-party data and technology. It builds on new, asset-focused data sources like LexisNexis® Vehicle Build, which enables us to give insurance providers greater insights around the vehicle to support fair and accurate pricing and create a more streamlined customer journey.
Follow the link to the LexisNexis Risk Solutions website to find out more about how we support insurance providers.