Autodata Solutions Announces Revolutionary Risk Analysis Application for Auto Insurance
Autodata Solutions, the leading provider of data and software services for the automotive industry, today announced its first solution created exclusively for automotive insurance.
StudyPRICE is the automotive industry’s first normalized, analytics-ready and VIN-specific risk analysis application. It enables insurance carriers to identify and evaluate vehicle features that mitigate loss or severity of loss, reduce risk and result in more competitively priced auto premiums.
“Autopilot and other advanced features are changing vehicle profiles — as well as the insurance risk profile as a whole,” said Craig Jennings, CEO of Autodata Solutions. “Insurance carriers need to understand the underlying asset they are insuring. Unfortunately, identifying the exact features on a specific vehicle — and the impact of those features — has been largely unavailable.
“By collaborating with OEMs, we now have a solution that leverages VIN-specific attributes to power risk analysis, point of sale, scoring and customer acquisition.”
With StudyPRICE, insurance carriers can analyze the correlation between their historical auto claims, Advanced Drive Assistance Systems (ADAS) features and other advanced features that exist on the VIN. StudyPRICE discovers all active and passive safety features, features deemed to be too expensive to replace/repair after an accident, as well as theft-preventative features. Identified features include, where installed, adaptive cruise control, automatic emergency braking, lane departure warning/lane keep, blind spot detection, rear-view camera and facial recognition software.
Because the detailed data provided through StudyPRICE is normalized (vehicle features are described and coded consistently across years, models and OEMs), comparison and analytics can be performed with a significantly better degree of accuracy. Autodata Solutions keeps track of new technologies by adding them to the database as they enter the market.
“This is huge for insurance carriers,” said Jennings. “Having the ability to compare over 1,000 feature attributes on each vehicle is a game changer. At the end of the day, more precise risk evaluation means better ROI.”
About Autodata Solutions
Autodata Solutions is the industry-leading provider of vehicle data and content, technology and inventory merchandising solutions that power the digital automotive ecosystem. Transforming complex data into marketing and sales solutions, Autodata Solutions’ technologies enable industry partners to optimally support and promote the sale of vehicles, parts and services. For three decades, Autodata Solutions has been a trusted and proven partner to the automotive industry — providing a broad suite of solutions for OEMs, dealerships, online portals, finance, insurance For more information visit www.autodatasolutions.com.