Insurance intelligence provider, Percayso Inform, today (20th April 2021) announces that it has kicked off a new partnership with Cazana.
Cazana offers insurance companies access to the largest global vehicle history database. By using big data and predictive analytics, Cazana analyses millions of automotive transactions daily to assess the value and risk associated with every vehicle on the road.
Cazana’s systems are used globally by manufacturers, finance companies, dealerships and insurers alike.
On their website, Cazana claim to be "giving insurers across the UK a new exciting data-science led way of generating a fair total loss settlement value as well as the tools to spot fraudulent claims a mile off. Insurers are making use of Cazana's retail-back valuation and vehicle history at FNOL and during the claims and engineering process."
In addition, they claim that their tools give "insurers the whole picture of the damaged vehicle, helping to accelerate desk-based research before deployment of engineering resource with a view of a vehicle's events from manufacture to present day, MOT history, owner and numberplate changes, previous images, previous advertisements for sale and an accurate retail-back valuation based on today's market.
The previous advertisements cover more than 50% of vehicles on the road, indexed by VRM. These previous adverts are extremely valuable to insurers and include advert text that also allows you to get a very good idea of what condition the car was in when the customer bought it.
Insurers also make use of this advertisement text to spot any modifications advertised previously that have not been declared by the customer. It can also help with understanding how much the customer originally paid for the car, helping to prevent fraudulent claims or exaggerated valuations.
Previous images are an incredibly powerful tool to have when deciding the value of the car as, similar to the advert text they allow claims professionals to assess the condition of the vehicle when the customer bought it. From these images you can check the number plates, colour, make, model, check for dents and damage as well as enhancements or changes that weren't previously declared."
The new strategic partnership is already providing Percayso Inform with access to the millions of data points gathered and analysed by Cazana, from MOT history and sales events to valuations and vehicle specifications including any ADAS features, all delivered to the Percayso hub via APIs.
For insurers and brokers alike the detail on ADAS systems fitted as OE by manufacturers, or specified by car owners, is important to have. It can often give deeper insights into how the vehicle is being driven; not only at the point of the incident, but in the weeks or months leading up to it.
Ian Lilley, Head of Partnerships at Percayso Inform, comments: “Cazana’s technology captures vehicle data from across the globe providing unprecedented insight into individual vehicles and trends. Partnering with them has enabled us to further enrich the data that we already had access to and we are now delivering even more powerful customer insight that can be used to support the pricing and fraud prevention strategies deployed by motor insurers, brokers and MGAs alike and ultimately improve motor loss ratios.”
Cazana’s UK Insurance Lead, Kieran Fisher, says: “We are thrilled to be working with Percayso Inform and are already seeing doors open. We are in no doubt that, with our market leading data combined with Percayso Inform’s next generation insurance intelligence solution, this partnership will only grow to the further benefit of both companies in the coming years as we continue to grow our dataset offerings and get even more embedded within the UK and global Insurance sector.”