Elixirr, the established, global award-winning challenger consultancy, has partnered with Thatcham Research, the leading provider of automotive risk intelligence. Elixirr will deliver greater value for Thatcham Research’s members through its custom-built Value Optimiser model. As automotive insurance pricing continues to evolve, this bespoke model offers empirical insights into the applications and challenges of Thatcham Research’s data. Via a series of tailored surveys and workshops, Elixirr will work with leading insurance companies to provide analytics to help them retain competitive edge in a crowded market.
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.
This partnership will ensure members are extracting as much insight as possible from the recent launch of Thatcham Research’s 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.
“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.
The Value Optimiser enhances Thatcham Research’s ability to deliver personalised solutions, improve customer experiences and optimise the claims processes of the members. In an industry where data is king, our partnership ensures that the right insights are being leveraged and automotive insurers are adapting to change and maintaining a competitive advantage.”
Sam Parker, Partner, Elixirr
“Our partnership with Elixirr will help our members realise the greatest possible value from Thatcham Research. It’s about interrogating what we do, how we collaborate with partners and instilling greater confidence to execute.
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 as they navigate the increasing complexity of the modern automotive landscape. In turn, we will continue to focus on our research, vehicle assessments and delivering data-rich risk intelligence products.”
Jonathan Hewett, Chief Executive, Thatcham Research
SOURCE: Elixirr
