Verisk introduces TrueVIN
Verisk has introduced TrueVIN to provide insurers with precise details about how cars and trucks are equipped from the factory, using the complete 17-digit VIN.
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.
“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. 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.” – Jimmy Engström, director of analytic products at ISO, a Verisk business.
“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. 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.” – Jared Smollik, vice president of personal lines actuarial and analytic products at ISO.