Verisk Introduces TrueVIN to Give Auto Insurers Granular Vehicle Details for Underwriting and Pricing
JERSEY CITY, N.J., January 22, 2020 — Verisk (Nasdaq:VRSK), a leading data analytics provider, has introduced TrueVIN, a new way for insurers to gain greater insight into detailed physical attributes of vehicles they cover. TrueVIN, the advanced vehicle identification number (VIN) decoder, provides insurers with precise details about how cars and trucks are equipped from the factory, using the complete 17-digit VIN.
“A more comprehensive picture of the vehicle is now available, featuring critical information about physical characteristics that often aren’t encoded in the VIN itself,” said Jimmy Engström, director of analytic products at ISO, a Verisk business. “Without access to build sheet data, those vehicle characteristics can be hard to identify, especially for equipment that’s optional. Having that granular knowledge can be extremely helpful in pricing the coverage correctly for the specific vehicle that’s being insured.”
TrueVIN can uncover vehicle-specific, as-built details, such as advanced driver-assistance systems (ADAS), and high repair-cost equipment like panoramic sunroofs. The solution supports ISO’s recently introduced ADAS rating factors, which include a manual rule and related rating factors for the ISO Personal Auto Program. Both TrueVIN and the ADAS rating factors can help insurers seamlessly account for the presence of these safety features when underwriting and pricing coverage.
“With the spread of ADAS technology such as blind spot intervention, lane departure prevention, and forward collision warning, it’s valuable for insurers to know precisely which features are installed on a specific vehicle,” said Jared Smollik, vice president of personal lines actuarial and analytic products at ISO. “Our analysis of these technologies has revealed a range of implications due to safety on the road as well as repair costs when this sensitive equipment is damaged in accidents.”
TrueVIN functions within Verisk’s full suite of ADAS solutions that range from rating factors to VIN-level identification of ADAS features for supporting micro-segmentation of risk.
For more information about TrueVIN, visit verisk.com/truevin.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500® Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
Edelman (for Verisk)