The automotive industry is running parallel races toward fully electrified and fully autonomous vehicles, and both races have a deceptively close finish line. EVs will become the norm within 10 years due to a combination of government legislation and manufacturer mandates – Progressive estimates that EVs could comprise 40% of car sales by 2030. Vehicle autonomy, meanwhile, remains a top priority for OEMs as well, with the market projected to reach $200 billion by the end of the decade. Mercedes-Benz is already certified for Level 3 autonomy, a standard that encompasses conditional hands-free driving, suggesting that Level 5 (totally automated driving) is a feasible goal for automakers more quickly than initially anticipated.
The technology involved in developing electrified, autonomous vehicles will not be universal; each feature package will have its own unique benefits, drawbacks, and relationship to road conditions and driver capabilities. Consequently, auto insurers cannot treat “ADAS” or “EV” as monolithic or even loosely segmented variables in their risk analysis; all levels of the organization must have a comprehensive understanding of their car’s technology stack to maintain a balanced risk-to-rate ratio. 
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Topics:
VIN,
Insurance
Traditional risk models in the auto insurance space incorporate multiple data points, including vehicle details, the driver’s safety record, the vehicle’s geographic location, and that location’s associated weather patterns. While these factors may be weighed differently by each insurer’s model, the entire auto industry is now facing the reality that increased vehicle complexity will force a significant change to risk analysis.
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Topics:
Automotive Data,
Insurance
In a previous article, we discussed how businesses can leverage a commercial VIN decoding solution to identify vehicle specs by VIN, as well as which specs are often included. In this article, we are going to dive into which businesses benefit from this functionality. The short answer is just about any industry that has anything to do with vehicles, their maintenance, financing, insurance, or transportation. Here’s a deeper dive into some of the most popular use cases for vehicle specs identification by VIN:
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Topics:
Logistics,
VIN,
Parts & Services,
Insurance,
Vehicle Equipment,
Dealers,
Fleet Management,
Risk Management
Beyond just misleading, limited data can harm your business. Market analyst, Gartner, found that 27% of the data in the Fortune 1000 companies is considered flawed, which they defined as inaccurate, incomplete, or duplicated. According to their research, poor quality data leads to high costs, a high customer turnover rate and excessive expenses. IBM estimates that bad data costs the US economy roughly $3.1 trillion dollars each year. They also found that 1 in 3 business leaders don’t trust the information they use to make decisions. Experian Data, in a separate study, determined that flawed data impacts the bottom line of nearly 90% of all American companies.
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Topics:
Insurance,
Risk Management,
Finance
Today’s automotive landscape is much different than 20 years ago, with the average life of a vehicle at a record high of 11.8 years. Automotive manufacturers across the board are building high-quality, longer-lasting vehicles, provided the owner keeps up with maintenance.
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Topics:
Automotive Data,
Parts & Services,
Insurance,
Dealers
We are living in a strange time right with a pandemic (COVID-19) that has greatly affected people worldwide and shuttered economies. Millions of people in the United States are out of work (hundreds of millions worldwide) and many businesses have had no choice but to furlough or lay off their employees, or even worse, close their doors permanently.
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Topics:
Parts & Services,
Insurance,
Automotive,
Dealers,
Fleet Management
In an industry based on accurately assessing and rating risk to maximize profitability, it’s essential that insurance carriers are able to correctly identify each vehicle they insure. This can be a challenging task to accomplish without leveraging a comprehensive vehicle data solution, especially as vehicles continue to advance.
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Topics:
VIN,
Insurance
The handling of auto insurance claims has continued to improve from a consumer perspective, with relatively simple steps that can be completed predominantly online or through mobile applications. Many insurance providers, such as yourselves, have done an excellent job building out resources to help walk consumers, both policyholders and claimants, through each step for submitting a claim as well as educating the consumer in regard to expectations following a claim submission.
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Topics:
Insurance
There are quite a few car insurance quote comparison websites for consumers to quickly identify the most affordable insurance premiums in one place.
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Topics:
Insurance
As a VIN decoding and vehicle data provider, we interact with many different segments of the auto industry, including auto insurance. So, we thought it’d be a great idea to have our friends over at The Zebra contribute on our blog. Without further ado...
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Topics:
Safety,
Insurance,
Guest post
