Decoding Granular Vehicle Details from the VINBy Jimmy Engström | November 21, 2019
Increasing complexity, emerging technologies, and new safety features are making it harder for many auto insurers to capture all of the relevant vehicle attributes they need to underwrite and price coverage accurately. The vehicle identification number (VIN) can provide a gateway to important information, but it takes an innovative solution to unlock it.
Verisk has introduced TrueVIN, a new way for insurers to gain greater insight into detailed physical attributes of the vehicles they cover. TrueVIN, the advanced VIN decoder that uses the complete 17-digit VIN, provides insurers with precise details about how cars and trucks are equipped from the factory.
A more in-depth picture of the vehicle is now available, highlighting critical information about physical characteristics that often are not encoded in the VIN itself. Now, with access to build sheet data for many vehicles, insurers can more easily identify features of the vehicle, including factory-installed optional equipment. Having this granular knowledge is crucial to pricing coverage properly.
TrueVIN can uncover vehicle-specific features, such as panoramic sunroofs, and as-built details, such as advanced driver-assistance systems (ADAS). Increasingly popular ADAS technologies include blind spot intervention, lane departure prevention, and forward collision warning.
TrueVIN functions within Verisk’s ecosystem of ADAS solutions—unparalleled by any single provider. They include VIN-level identification of ADAS features and support for ISO’s recently introduced ADAS rating factors, which provide a manual rule and related rating factors for the ISO Personal Auto Program. The solutions can support micro-segmentation of risk in underwriting and rating as well as claims use cases.
For more information about TrueVIN, visit verisk.com/TrueVIN.