Verisk, a leading global data analytics provider, is enhancing its motor insurance solutions through a partnership with Thatcham Research’s Variant Code, a dataset that provides updated information on the growing variety of standard and optional features in UK vehicles.
The partnership will reportedly aim to tackle the lack of data regarding the varying features of newer vehicle models, which “fundamentally affect” an insurer’s understanding of vehicle risk.
According to the group, insurers currently struggle to identify features that have become available in more car models and marketed under different product names.
Verisk will reportedly benefit from the aggregated view of data that Thatcham Research’s Variant Code provides.
This will reportedly help insurers more accurately identify the potential presence of these features across model variants. Features such as Advanced Driver Assistance Systems (ADAS), expensive headlights, and keyless and connectivity systems, will now be captured “more accurately”, addressing what has been a “frustration” for the insurance industry.
Dan Payne, chief digital officer at Thatcham Research, said: “This is about accurate risk assessment at a uniquely granular level. Variant Code offers a competitive advantage, empowering Verisk’s insurer customers to make more informed and intelligent decisions, and price according to the features present on a particular model variant.
“This is fundamental as vehicles evolve and technologies that were once the preserve of high-end models are increasingly made available at entry level.”
Sean Moriarty, operations manager at Verisk, said: “Carmakers have their own naming conventions for vehicle features, which can be problematic. However Variant Code provides this information using a consistent nomenclature, ensuring the quick and easy identification of these features.
“Variant Code addresses a long-standing challenge to the accurate underwriting of new vehicle models, benefitting both insurers and insureds. Until now, there has been a lack of clarity regarding the fitment of certain features across vehicle variants and their potential positive or negative impact on risk.”