Thatcham Research partners Elixirr to deliver VRR insights
Thatcham Research has announced a new partnership with Elixirr that will help insurers partners make best use of its data and research.
The collaboration will see Elixirr deliver greater value for Thatcham Research’s members through its custom-built Value Optimiser model, which offers insights and analysis of Thatcham Research’s data via a series of tailored surveys and workshops.
The partnership has been announced after Thatcham Research found its vast database was being underutilised by its insurer members, who write about 96% of all UK motor premiums. It is intended to help them extract 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 model.
VRR assesses vehicles across five risk pillars, Performance, Safety, Security, Damageability and Repairability, and requires insurers 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.
Thatcham Research partners Elixirr
Jonathan Hewett, Thatcham Research chief executive, said:
“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.”
Sam Parker, Partner at Elixirr, added:
“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.”
