Motor insurance data and marketing

A tailored quote obviously requires detailed insight into the car being insured. Instead of relying on your customer to provide information about their vehicle, make use of online data to extract the precise data you need. Experian’s AutoCheck can deliver this information based on little more than the car’s number plate.

Before insuring a vehicle, you need to know its history, from past owners to potential issues such as whether it’s been exported, written off or stolen. Experian’s AutoCheck can perform these and other checks – including its recorded mileage – to ensure the vehicle you’re quoting for is genuine.

The final part of the vehicle identification puzzle is ascertaining its current value. Some valuation services are based on data that can be up to 60 days out of date, so ensure your chosen solution provides an accurate figure based on the here and now, not two months ago. Cazana Companion updates its prices every 24 hours, based on hundreds of thousands of vehicle classifieds.

The more you know about a customer, the better you can tailor your quotes to ensure they’re competitive while remaining accurate. By integrating data enrichment services into your quotations process, you can take a customer’s details and match them to a range of data sources. This helps improve all aspects of your service, from validating user identities to uncovering their previous claims history.

When an existing customer requests a new insurance quote, can you reliably identify them? Misspellings, abbreviations and variations can all make it hard to link customer records together. A good data management tool will be able to go through your records to identify and harmonise potential duplicates into a single view of each customer – employing Experian’s ExPin, for example, gives you an individual identifier matched to every UK citizen.

What risks lie in insuring a customer? Do they have a poor credit history, or have they been linked with multiple claims over the years? A good data enrichment service will tap into relevant records to reveal the risks involved in taking on a new customer, allowing you to tailor your quote accordingly – a tool like Experian’s iCache has access to credit records for every UK consumer along with CUE Home, Motor and Personal Injury data, for example.

Whether validating a customer’s identity or determining what price to quote, it’s important your checks don’t introduce unnecessary delays into the process. Automated checks such as those performed through iCache are conducted in the space of milliseconds to ensure your customer isn’t left waiting for their quote.

A key part of any application process is confirming a customer’s identity. This is best achieved by cross-referencing the information supplied against a wide range of third-party sources. A tool like Experian’s iCache can validate applications against one billion records, offering you an ID validation score in seconds.

Attempted fraud is on the rise, but armed with the right tools you can spot fake applications quickly and easily. For example, Experian’s Hunter tool flags known fraudsters the moment they make an approach, while iCache performs other critical checks such as confirming an applicant isn’t deceased and that their disclosed claims match those held by the Claims and Underwriting Exchange (CUE).

Can your customers afford the product they’re taking out, and how likely are they to maintain their credit agreement? By examining available credit records and modelled data you can make sure you act in your customers’ best interests, while minimising the risk to your business and meeting FCA requirements over the provision of premium finance.

What’s the likelihood of a customer making a claim? Experian’s solutions can calculate this using a combination of credit-based insurance scoring plus access CUE home, motor and personal injury data to compare disclosed claims against those held by CUE.