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You are at:Home»News»ADAS»WTW and Thatcham Research partner to help UK insurers
grappling with ADAS complexity
ADAS


WTW AND THATCHAM RESEARCH PARTNER TO HELP UK INSURERS GRAPPLING WITH ADAS
COMPLEXITY

By Lawrence Butcher January 26, 2022 No Comments
LinkedIn Tweet Share Email +


Insurance and technology consultants WTW and UK-based vehicle risk data
specialist Thatcham Research have announced a partnership to combine their data
and analytical capabilities to deliver a more comprehensive understanding of the
impact advanced vehicle technologies are having on claims risk.

With even mass market family hatchbacks featuring advanced driver assistance
systems (ADAS), expensive headlights and keyless and connectivity systems, the
complexity of risk assessment for insurers is increasing. Claims leaders,
underwriters, pricing teams, reserving actuaries and senior management need to
understand the extent to which these novel risk factors are driving new claims
trends. For example, which vehicle features represent the highest claims risk,
higher inflationary costs or actual savings, such as from reduced injury
frequency and severity.

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Containing data for over 50,000 vehicle variants, the Thatcham Research data set
Variant Code provides data granularity on the growing variety of standard and
optional features in UK vehicles. Meanwhile, WTW’s Claim Metrics platform
provides deep analysis of claims activity in the personal lines insurance
market.

The tie-up will see Variant Code’s vehicle specificity combine with Claim
Metrics’ data and analytics to give insurers far deeper, richer insights of
emerging trends in claims risks at a granular level in terms of claims
characteristics, geography and vehicle type.

Daniel Payne, chief digital officer at Thatcham Research, explained, “Vehicles
are set to change more in the next five years than they have in the last 50.
Combining the uniquely granular data and sophisticated analytics capabilities of
Variant Code and Claim Metrics is a win-win for insurers. Empowered by new
levels of insight, claims, underwriting and pricing teams are able to make more
informed decisions, and price according to the specific features of a particular
model variant. This capability is fundamental to maintaining competitive
advantage, as vehicles evolve and technologies that were once the preserve of
high-end models increasingly become available at entry level.”

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ABOUT AUTHOR

Lawrence Butcher

Lawrence has been covering engineering subjects – with a focus on motorsport
technology – since 2007 and has edited and contributed to a variety of
international titles. Currently, he is responsible for content across UKI Media
& Events' portfolio of websites while also writing for the company's print
titles.


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