In a significant new development for the motor insurance market, lexisnexis® Risk Solutions in collaboration with Cazana, the vehicle data expert, is bringing near real-time vehicle data such as valuation and insights related to MOT history into the quote and renewal process. This is alongside more than 42 further public and private data sources, through the lexisnexis® Informed Quotes platform. Lexisnexis® Informed Quotes provides a swift, automated and more thorough understanding of risk through the data enrichment of over 220 million insurance quotes a day. This latest initiative will help 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 a better indication of its worth on today's market. Cazana’s data spans the globe and covers over one billion unique data points, giving exceptional 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:
Valuations – derived from a wide range of vehicle advertisement and sales data
MOT enrichment – including previous test dates, pass/fail, advisories, and overall trends during the current ownership period
Keeper – 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 will help support right first-time quotes on new business, renewals and mid-term adjustments, by helping validate information supplied by the applicant whilst offering the potential to reduce the level of detail they may need to provide.
James Burton, senior director of product management, U.K. and Ireland, at lexisnexis Risk Solutions said: “This new relationship brings Cazana’s highly specialised data into the point of quote 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 modern, fast and reliable vehicle data insights to a range of global clients with a focus on data quality that matches our own. This new strategic relationship demonstrates our continued commitment to solve pain points for the market through the combination of proprietary data, highly specialised, third-party data and technology. It builds on new, asset-focused data sources such as lexisnexis® Vehicle Build, to give insurance providers greater insights around the vehicle to support fair and accurate pricing and create a more streamlined customer journey.”
Tom Lawrie-Fussey, Commercial Director of Cazana adds: “The insurance sector is hungry for Cazana’s highly accurate vehicle data. Now, for the first time, they can access that data as part of the quotation process through their existing integrations with lexisnexis Risk Solutions. This is a great example of two data-focused businesses collaborating and innovating to solve a market challenge.”
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