Elixirr announces Thatcham Research partnership to boost automotive risk insights
Professional services firm Elixirr has partnered with automotive risk intelligence Thatcham Research. Elixirr will work to help members of Thatcham Research make the most of its data, via a custom-built Value Optimiser model.
Sam Parker, partner at Elixirr, commented, "The traditional models of risk assessment in the automotive insurance sector are being challenged and achieving competitive advantage through data is more crucial than ever. Working closely with Thatcham Research to understand their member needs, we have built a new business proposition, The Value Optimiser, which provides Thatcham Research’s members with the granular data and insights that are essential to developing innovative insurance products tailored for the modern landscape.”
According to Parker, the Value Optimiser will enhance Thatcham Research’s ability to deliver personalised solutions, improve customer experiences and “optimise the claims processes of the members”. This is something particularly important in the automotive insurance sector, where “data is king” amid evolving pricing models, and the partnership ensures that “the right insights are being leveraged and automotive insurers are adapting to change and maintaining a competitive advantage.”
Data is the base of the automotive industry, with risk intelligence key to car insurance pricing and insurance claims. Focused on creating a more agile car insurance landscape via robust data and analytics, Thatcham Research found its vast database was being underutilised by its current members. With circa 96% of motor premiums written by a Thatcham Research insurer member, both private and commercial, the rollout of this model comes at a time when everything within automotive is changing, as evidenced by Thatcham Research’s expanding remit across automation, connectivity, repair, security and electrification.
Looking ahead, the partnership will also help members make the most of the recently launched Thatcham Research Vehicle Risk Rating (VRR), the replacement for the long-established Group Rating 1 – 50 model. VRR now assesses vehicles across five risk pillars, Performance, Safety, Security, Damageability and Repairability and comes at a time when the industry is becoming less driver focused and more vehicle driven. This shift requires insurance providers to have more data on the specifics of each car model, the likelihood of vehicle theft, the repairability of each model, and access to the skills to repair them.
Jonathan Hewett, Thatcham Research’s chief executive added, “As the remit of our research and the data requirements of the ecosystem expand, we must maintain a razor-sharp focus on the evolving needs of our motor insurance members. The established order is facing significant disruption – with the advent of the software-defined vehicle, and new market entrants and powertrains bringing challenge and opportunity to historic underwriting and claims modelling. The Elixirr team bring the consulting skills we do not have and will provide increased support for our members. In turn, we will continue to focus on our research, and delivering data-rich risk intelligence products.”
