Data analytics provider Verisk is enhancing its motor insurance offering with Thatcham Research’s Variant Code, which provides detail on the growing array of standard and optional features in UK vehicles – a lack of which can fundamentally affect insurers' understanding of fleet risk.
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.”
Dan Payne, chief digital officer at Thatcham Research, which develops the data added: “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.”
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