Identify the frequency and severity of loss
Autodata Solutions’ StudyPRICE solution allows carriers to study their historical auto claims in order to find the vehicle features that impact the frequency or severity of loss so auto policies can be priced more competitively. In addition to robust vehicle descriptions, StudyPRICE discovers all active and passive safety features, all vehicle features deemed to be expensive to replace or repair after an accident, as well as, theft-preventative features.
Simply uploading the vehicle VINs from their portfolio of historical auto claims and StudyPRICE will return the actual vehicle features for each VIN—all ready for predicative analysis by the carrier’s data analysts. Once features that correlate with reducing the frequency or severity of loss are identified, the carrier can integrate StudyPRICE directly into all auto pricing and quoting algorithms. This will enable automatic discounts for the applicable features.