At the end of September 2021, there were 39.2 million licensed vehicles in Great Britain, on average, 1 car was declared as a write off every 90 seconds, that's 1000 a day or 384,000 a year! This means that one in every 83 drivers will have written off their car every year.
With these figures in mind, it's not surprising there is increased pressure on insurance claims teams to spot fraudulent claims, provide fair valuations, and enhance the customer experience while upgrading their internal systems and processes to improve efficiencies.
A significant challenge for insurance claims teams is the lack of access to real-time data and valuations. Motor engineers are required to manually inspect vehicles and provide values using traditional trade guides. The amount of different tools and varying data sets needed to perform any kind of accurate valuation is unreasonable. No doubt this all affects the customer's journey and experience.
Cazoo Data Services offers insurers access to the largest vehicle history database on the planet to help them price quotes precisely, retain their customers and smoothly resolve claims quickly.
Our SaaS product, Claims Companion, is easy to use and includes a wealth of vehicle insights and data that we provide through our AI and data science-driven modelling. More importantly, Claims Companion enhances the insurer's efficiency and helps them streamline their processes.
In addition to our data driven valuations, Claims Companion includes a full vehicle history. The history highlights previous MOTs and sales adverts, along with comparable vehicles for sale in the current market to support the valuation. All of this combined means insurers have everything they need in one place to offer a fair and accurate vehicle valuation.