Elixirr announces Thatcham Research partnership to boost automotive risk insights

Skilled providers agency Elixirr has partnered with automotive risk intelligence Thatcham Research. Elixirr will work to assist members of Thatcham Research take advantage of its information, by way of a custom-built Worth Optimiser mannequin.

Sam Parker, accomplice at Elixirr, commented, “The standard fashions of risk evaluation within the automotive insurance coverage sector are being challenged and reaching aggressive benefit by way of information is extra essential than ever. Working intently with Thatcham Research to perceive their member wants, we now have constructed a brand new enterprise proposition, The Worth Optimiser, which gives Thatcham Research’s members with the granular information and insights which might be important to creating revolutionary insurance coverage merchandise tailor-made for the trendy panorama.”

In accordance to Parker, the Worth Optimiser will improve Thatcham Research’s skill to ship personalised options, enhance buyer experiences and “optimise the claims processes of the members”. That is one thing significantly necessary within the automotive insurance coverage sector, the place “information is king” amid evolving pricing fashions, and the partnership ensures that “the appropriate insights are being leveraged and automotive insurers are adapting to change and sustaining a aggressive benefit.”

Information is the bottom of the automotive trade, with risk intelligence key to automotive insurance coverage pricing and insurance coverage claims. Targeted on making a extra agile automotive insurance coverage panorama by way of sturdy information and analytics, Thatcham Research discovered its huge database was being underutilised by its present members. With circa 96% of motor premiums written by a Thatcham Research insurer member, each non-public and industrial, the rollout of this mannequin comes at a time when every little thing inside automotive is altering, as evidenced by Thatcham Research’s increasing remit throughout automation, connectivity, restore, safety and electrification.

Trying forward, the partnership can even assist members take advantage of the lately launched Thatcham Research Car Risk Score (VRR), the alternative for the long-established Group Score 1 – 50 mannequin. VRR now assesses autos throughout 5 risk pillars, Efficiency, Security, Safety, Damageability and Repairability and comes at a time when the trade is changing into much less driver centered and extra automobile pushed. This shift requires insurance coverage suppliers to have extra information on the specifics of every automotive mannequin, the chance of auto theft, the repairability of every mannequin, and entry to the abilities to restore them.

Jonathan Hewett, Thatcham Research’s chief government added, “Because the remit of our analysis and the information necessities of the ecosystem increase, we should preserve a razor-sharp deal with the evolving wants of our motor insurance coverage members. The established order is going through important disruption – with the arrival of the software-defined automobile, and new market entrants and powertrains bringing problem and alternative to historic underwriting and claims modelling. The Elixirr crew deliver the consulting abilities we don’t have and can present elevated help for our members. In flip, we are going to proceed to deal with our analysis, and delivering data-rich risk intelligence merchandise.”