Insurance Group Rating Data

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For Irish Insurers, the introduction of a VRM service to the quotation and claims handling processes has shown that it can help enormously with internal efficiencies and improved customer experiences.

Data Quality:

However the quality of the data insurers hold and access on their insured assets is an on ongoing challenge and one that costs the industry a great deal in time and money as well as damaging customer confidence when it is proven to be wrong.

Currently the link between VRM and Insurance Group Rating Code used by most insurers (commonly known as the Inse-Com or ABI code) has been achieved using ‘fuzzy logic’ or a ‘best guess’ methodology.

This practise involves a complicated and unreliable set of matching rules that takes the vehicle description as recorded on the National Vehicle File and attempts to find a closest match within the group code database.

It falls down where the vehicle description is not complete (or inaccurate) and can lead to the incorrect insurance code being applied to a live policy.

Proven Links:

Benchmark Automotive, in conjunction with its partner Carweb UK forensically analyse each record on the Irish National Vehicle File and interrogate the Vehicle Identification Number (VIN) along with its Engine Code and Model Descriptor to create an audit-able link to the correct insurance code.

This means that every code we produce by way of a VRM request has a verifiable reason why it must be that code. Methodology based on ‘Fuzzy logic’ or ‘Best Guess’ does not provide the same level of accuracy.

Return on Investment:

Insurers experience after adopting Benchmark’s data has been;

• improved accuracy in quotations
• improved consistency on the underwriting terms being applied at policy inception
• the insured’s vehicle details are recorded more accurately in the policy records
• the claims process is more effective

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