Somerset Bridge choose Cazoo Data Services to improve understanding and profitability of their motor book. Cazoo Data Services has been providing vehicle valuation, fraud prevention and provenance checks into UK insurance claims teams for many years.
In 2020 Cazoo Data Services expanded its capabilities to provide new automotive insights to Underwriters, Brokers and Price comparison websites (PCWs). As an established Cazoo Data Services client, Somerset Bridge were offered privileged early access to this substantial new dataset. Following a rapid deployment of data science teams from both companies, it quickly became clear that the data was able to identify significant new risk/pricing insights.
The value Cazoo Data Services brings to innovative insurers is comparable with other more conventional data sources, namely credit risk scores and other personal information. The key difference is that Cazoo Data Services data only comprises vehicle insights; it provides detailed information on ‘the metal’ without using personal data. By combining DVLA feeds, Dealership feeds and a wide variety of other website data, Cazoo Data Services is able to build an individual passport for every vehicle including a timeline of key events, previous adverts, MOT history, modifications and of course any ADAS features fitted. The data can be consumed in real-time at point of quote, renewal or claim.
Lisa Allan, Director of Operations explains further “as part of our ongoing quest to further modernise motor insurance, we took the decision very early on to deep-dive the new datasets created by Cazoo Data Services. We were impressed with what we found, and we’ve now committed to building a long-term partnership with Cazoo Data Services, as we continue to evolve and assess how we better assess risk”.
Tom Lawrie-Fussey, Commercial Director at Cazoo Data Services adds “We’ve learned a great deal from the close collaboration we’ve enjoyed with the Somerset Bridge team throughout this process. We see this as just the start of a much broader collaboration between our respective organisations, and I’ve no doubt this partnership will grow further as Cazoo Data Services develop yet more datasets that help us to translate and deliver further vehicle insights to insurers.”