Audatex has upgraded its valuation product Market Value Manager (MVM) to now include live vehicle valuation data from Motors.co.uk and cap hpi.
This is meant to help claims handlers use MVM to more accurately calculate the pre-accident value of a vehicle to make satisfactory settlement offers with customers, backed by credible market data.
Christopher Wright, vice president, North Europe, Solera, said: “We now offer multiple data points, including real time information, based on which insurers can make their decision. Our aim is to ensure MVM contains the most comprehensive data in order to deliver a highly accurate solution for the market.”
MVM’s advanced offering will be advantageous to insurers, whose valuations will better reflect the immediate value of the vehicle and enable a better customer interaction. It will also benefit motor insurance customers, for whom the gap will close between their insurer’s valuation and the genuine price of a like-for-like replacement in the second-hand marketplace.
Derren Martin, director of valuations, cap hpi, said: “Real-time data is paramount for insurers to ensure they offer fair settlement to customers and maintain their profit margin. cap hpi’s valuation data continues to be the principal source of car valuation data for the UK used car market. However, in such a turbulent market, insurers need composite data to ensure that their valuations are accurate, valid and timely.”
