VIDEO: A Revolutionary Risk Analysis Application for Auto Insurance
It is estimated that over $67 billion will be spent on advanced driver assistance systems (ADAS) by 2025.
Systems are being developed to automate, adapt and enhance vehicle systems for safety, by minimizing human error. Features include adaptive cruise control, automatic emergency braking, lane departure warning/lane keep, blind spot detection, rear-view camera and facial recognition software, among many more.
Having the right data is a concern for auto insurance carriers as these ADAS features begin rolling out. Because the majority of these features are sold as optional equipment, it is difficult to validate which features are present on any individual car. Also, names and specific attributes of each safety feature differ across manufacturers, and even by model, making exact comparisons difficult.
StudyPRICE, from Autodata Solutions, is the automotive industry’s first normalized, analytics-ready and VIN-specific risk analysis application. It enables insurance carriers to identify and evaluate vehicle features that mitigate loss or severity of loss, reduce risk and result in more competitively priced auto premiums.
Now carriers can analyze the correlation between their historical auto claims, ADAS features and other advanced features that exist on each VIN. StudyPRICE discovers all active and passive safety features, features deemed to be too expensive to replace/repair after an accident, as well as theft-preventative features.
Learn more about StudyPRICE or call 1-866-430-8524.