How businesses are using Percayso Vehicle Intelligence to modernise the insurance industry

KEY TAKEAWAYS:

• Customers are using Percayso’s vehicle intelligence solution to modernise the insurance industry.
• Multiple, complex data sources are translated real-time into unrivalled insight at every stage of the insurance life cycle
• Customer benefits include increased efficiencies, improved customer experience, reduced fraud and faster dispute resolution

We previously spoke about how the insurance industry will be able to write better business with Percayso’s vehicle intelligence tool. In this blog, we hear from Percayso’s customers who are using the tool and provide insight on the benefits they have derived.

Complete vehicle granularity

The vehicle insurance industry is looking for new tools to help increase efficiencies, price better, reduce indemnity spend and provide a better customer experience. Being able to access real-time data and insight in a clear and meaningful way that can be quickly interpreted and understood at point of quote, is paramount.

“Having true vehicle granularity and understanding everything about that vehicle and policy holder enables a sense of transparency and trust that both translates to consumer trust but also trust that the system is giving you fair and accurate information that you can rely upon and backed up with hard evidence.” – Kieran Fisher at Percayso

Percayso’s Vehicle Intelligence tool provides pricing, claim and fraud teams the whole picture of the vehicle’s history from manufacture to the present day, including MOT history, owner and number plate changes, previous images, previous advertisements for sale and an accurate retail-back valuation based on today’s market from over 400k unique data points daily. This insight enables informed decisions to be made about pricing and valuation, whilst identifying early the threat of potential fraud.

Resolve disputes quicker

Handling claims disputes and identifying potential fraud is time consuming and costly, with all parties involved looking for a fast and fair settlement. Being able to fairly assess and justify the reasons behind the quotation and providing clients with factual evidence, is paramount in retaining customer satisfaction and reducing valuation disputes. This requires credible evidence and data.

“Our use of the data has vastly reduced the volume of valuation disputes which escalate to a customer complaint as our claims teams are now able to efficiently resolve disputes by having reliable data at their fingertips.” – Verity Lipscombe at Mulsanne

Insurers and the Financial Ombudsman are using Percayso’s vehicle intelligence tool to settle claims fairer and quicker, by having access to the vehicle specific data and information. With over one billion unique data points, this insight provides transparency on the detail, reasoning and evidence for the vehicle valuation which in turn, removes any personal issues around ‘fairness’ and creates trust between the insurer and the customer, as they’re able to provide the ‘why’ that is driven by the data behind their decision.

“We originally chose to work with Percayso because The Financial Ombudsman Service uses them when dealing with valuation disputes. Having had cases with the Financial Ombudsman in the past we wanted to align our process to theirs to stop that happening.” – Ian Brown at esure

The provision of a complete vehicle history data and used by all parties, ensures that a fair value is available to customers who are disputing a value, with no grey areas. It helps insurers to better price motor risk and reduce the frequency of motor claims by understanding the true value, condition, specification and risk signature of vehicles at the point of quote.

Real-time data in one place

A significant challenge for insurance claims teams is the lack of access to real-time data and valuations. For example, many external motor engineers manually inspect vehicles and provide values using traditional trade guides which can be a time-consuming process and clunky for both customers and internal teams.

Instant access to intelligent data, made in real time, used by all parties involved allows better decisions on pricing to be made, reduces potential cases of fraud and enables efficiencies and cost savings for both people and budget.

“At the time, we were using at least three different sites and suppliers for the data we needed; however, after swapping to Percayso Vehicle Intelligence we got all that data in one place at the click of a button. Resulting in less research work to be done by our team, helping us to increase our overall productivity.” – Andy Lee at Incident Management Solutions (IMS)

Using Percayso’s Vehicle Intelligence tool gives users access to all the data needed in one place providing a wide range of comprehensive vehicle data and intelligence, ranging from vehicle valuations and specifications, provenance data, MOT history, options (ADAS) and vehicle modifications. It aggregates data from many different sources, allowing intelligence to be accessed with a simple API call at significant volume.

Customers are able to quickly and easily integrate Percayso’s tools (in typically 2-10 days) into their processes to optimise workflows and give much needed access to vehicle valuations and data, eliminating the need for time-consuming manual work and accelerating the claims lifecycle.

“Percayso’s vehicle data has been integrated into our own systems using API technology, optimising our processes and helping to facilitate the automation of vehicle valuation data within our motor engineers’ inspection reports, eliminating the need for time-consuming manual work.” – Alastair Sherwin at Covéa Insurance

In summary

Customers are using Percayso’s intelligent data to quickly generate accurate, data-backed decisions that lead to faster settlements and saving of significant costs. Percayso Vehicle Intelligence also helps fraud teams identify and block illegal claims as the data highlights suspicious non-disclosures as well as inflated valuations that could indicate attempted fraud.

It’s clear that every provider in the insurance eco-system will continue to need to make constant intelligent decisions at every stage of the insurance life cycle if they are to remain competitive. This requires the translation of multiple complex data sources into meaningful insight, so that they can price better, reduce fraud and make quick and informed decisions. Percayso’s next generation insurance insight platform is proven to deliver exactly that.