WTW unveils repair inflation prediction tool
WTW has released a new solution that integrates Audatex repair data with its own historical data to forecast repair cost inflation.
The solution, which also incorporates machine learning, predicts repair costs according each vehicle category and fuel type rather than simply coming up with a single blanket figure for the entire car parc.
It is hoped this tool will help insurers deliver more accurate underwriting.
Tom Hart, head of account management at Solera Audatex, said: “By making it possible to differentiate inflationary allowances between vehicle makes and models, this new price inflation tool allows insurers to boost their bottom line and offer more competitive pricing to customers.”
Stephen Cox, head of data partnerships, insurance consulting, and technology, at WTW, said: “This tool offers insurers a significant competitive advantage. In such a volatile market, access to accurate cost predictions gives underwriters the ability to avoid underpriced business, while also making their service more attractive to those consumers who will no longer face prices that are unduly high owing to being based on an average of all vehicles.”
