Revolutionizing Auto Insurance: The Launch of CARFAX Vehicle Build Score for Accurate Risk Assessment
In a transformative leap for the auto insurance industry, CARFAX, recognized as a leader in vehicle history data, has partnered with Pinnacle Actuarial Resources, a respected actuarial consulting firm. Together, they have developed the CARFAX Vehicle Build Score, an innovative tool designed to modernize the way auto insurance risk is assessed.
This new score moves beyond traditional vehicle symbols and utilizes the comprehensive 17-digit Vehicle Identification Number (VIN) to better understand a vehicle's distinct value and features. By employing a proprietary vehicle valuation model, the CARFAX Vehicle Build Score ensures accurate pricing for insurers by eliminating instances of overpricing or underpricing based on more precise current market values.
Don Hendriks, the Director of Insurance Analytics at CARFAX, stated, “The existing practice of using symbols lacks a true representation of a vehicle's detailed configurations.” The CARFAX Vehicle Build Score addresses this shortcoming by leveraging CARFAX's extensive database of over 36 billion records. This resource allows insurers to garner insights into a vehicle’s factory and post-factory features, thus enhancing their risk evaluations and facilitating correct policy pricing.
The score’s introduction marks a significant evolution in the insurance sector, as noted by Pinnacle's Managing Principal Roosevelt Mosley. He explained, “Our partnership with CARFAX enables a translation of detailed vehicle data into actionable risk assessments represented by a straightforward score. This offers insurers a crucial advantage in both underwriting and pricing.”
Designed for versatility, the CARFAX Vehicle Build Score caters to both the personal and commercial auto insurance markets. Its fine-grained details at the VIN level allow for seamless integration into various rating models, and it is currently undergoing filing and approval with state regulators across the United States.
As auto insurance providers increasingly seek smarter and more effective ways to assess risk, the CARFAX Vehicle Build Score stands out as a pioneering tool that blends technology and data analytics to offer a more informed approach. For further details on how the CARFAX Vehicle Build Score can enhance your insurance offerings, visit CarfaxForInsurers.com.
About CARFAX:
For over 35 years, CARFAX has been a trusted resource for vehicle history reports, helping millions of consumers shop, buy, service, and sell used cars. Known for its commitment to transparency and quality, CARFAX is a part of SP Global Mobility, which operates the world's largest vehicle history database.
About Pinnacle:
Pinnacle Actuarial Resources is a comprehensive actuarial firm that specializes in the property and casualty insurance sector, with multiple offices across the United States. Their expertise in detailed actuarial analysis makes them a vital partner for innovative insurance solutions.
This new score moves beyond traditional vehicle symbols and utilizes the comprehensive 17-digit Vehicle Identification Number (VIN) to better understand a vehicle's distinct value and features. By employing a proprietary vehicle valuation model, the CARFAX Vehicle Build Score ensures accurate pricing for insurers by eliminating instances of overpricing or underpricing based on more precise current market values.
Don Hendriks, the Director of Insurance Analytics at CARFAX, stated, “The existing practice of using symbols lacks a true representation of a vehicle's detailed configurations.” The CARFAX Vehicle Build Score addresses this shortcoming by leveraging CARFAX's extensive database of over 36 billion records. This resource allows insurers to garner insights into a vehicle’s factory and post-factory features, thus enhancing their risk evaluations and facilitating correct policy pricing.
The score’s introduction marks a significant evolution in the insurance sector, as noted by Pinnacle's Managing Principal Roosevelt Mosley. He explained, “Our partnership with CARFAX enables a translation of detailed vehicle data into actionable risk assessments represented by a straightforward score. This offers insurers a crucial advantage in both underwriting and pricing.”
Designed for versatility, the CARFAX Vehicle Build Score caters to both the personal and commercial auto insurance markets. Its fine-grained details at the VIN level allow for seamless integration into various rating models, and it is currently undergoing filing and approval with state regulators across the United States.
As auto insurance providers increasingly seek smarter and more effective ways to assess risk, the CARFAX Vehicle Build Score stands out as a pioneering tool that blends technology and data analytics to offer a more informed approach. For further details on how the CARFAX Vehicle Build Score can enhance your insurance offerings, visit CarfaxForInsurers.com.
About CARFAX:
For over 35 years, CARFAX has been a trusted resource for vehicle history reports, helping millions of consumers shop, buy, service, and sell used cars. Known for its commitment to transparency and quality, CARFAX is a part of SP Global Mobility, which operates the world's largest vehicle history database.
About Pinnacle:
Pinnacle Actuarial Resources is a comprehensive actuarial firm that specializes in the property and casualty insurance sector, with multiple offices across the United States. Their expertise in detailed actuarial analysis makes them a vital partner for innovative insurance solutions.
Topics Financial Services & Investing）
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