Auto Trader to power Experian’s iCache software, with its market leading valuations data
Auto Trader, the UK’s largest automotive marketplace and leading provider of data and insight to the industry, has partnered with Experian to power its iCache platform with its market leading valuations data.
Experian’s iCache software platform provides insurance companies with enriched data to help provide more competitive consumer quotes, to improve loss ratio, and to reduce fraud. Over 50 insurance companies rely on the platform – and the data that powers it - to enrich over 15 million transactions a day (circa 3 billion every year). Auto Trader’s valuations are based on daily pricing analysis of circa. 900,000 vehicles from across its marketplace and the wider retail market, ensuring the most accurate view of used car prices available.
This marks the first time Auto Trader’s award-winning valuations have been used at the point of quote stage, and the first phase of a long-term strategic partnership with Experian, which later this year will utilise Auto Trader’s powerful taxonomy covering vehicle safety features.
The partnership with Experian represents another important milestone in Auto Trader’s well-established association with the insurance industry. It has a long-standing agreement with a number of ‘top five’ insurance companies to provide data and technology to power their claims management processes, providing live advert evidence and associated valuations to efficiently settle claims.
Ed Hummel, Business Development Director at Auto Trader, commented: “We’re delighted Experian has chosen Auto Trader to power its highly respected iCache platform. At Auto Trader, we’re privileged to work with over 13,500 retailer partners, to list an average of 400,000 privately and trade advertised vehicles, and to receive over 64 million consumer visits each month. This means that at a time when the market is moving at an incredible pace, we’re able to provide our partners with the most accurate valuations and insights available. As a result, our data is widely used across all automotive sectors, and we have made good progress recently helping insurance customers improve their business with more accurate, granular and timely data.”
Paul Speirs, Managing Director Digital Consumer Information, Experian UK&I commented: “We are excited to be partnering with Auto Trader, one of the most trusted and recognised automotive brands.
“We are committed to helping our clients provide greater financial opportunities for everyone and a combination of Experian’s robust data sets and Auto Trader’s accuracy, speed and insights means our insurance customers will benefit from the ability to offer more competitive quotes and improved loss ratios. We look forward to expanding our partnership into new areas later in the year.”