London 2nd November 2017–Auto Trader, the UK’s largest digital automotive marketplace for new and used cars, is helping to power an innovative new tool launched by Aviva, the UK’s leading insurer, designed to cut the time it takes to identify if a vehicle should be declared a total loss, or repaired, following an accident. Aviva uses Auto Trader’s market leading valuations data to determine an accurate and fair settlement price for written off vehicles, benefitting on its position as a trusted consumer brand.
Aviva receives more than 40,000 motor claims a year where the cost to repair the vehicle exceeds the cost of the vehicle’s worth, or a ‘total loss’. The new data analytics tool enables Aviva’s claims handlers to instantly and accurately identify if a car should be repaired or declared a total loss, meaning customers whose cars are written-off are able to replace their vehicle much faster than before.
Should the car be declared a total loss, using Auto Trader’s powerful calculations, Aviva’s motor claims handlers are able to provide an instant and accurate settlement price for the vehicle based on the live retail market. What’s more, the tool also identifies potential replacement vehicles on Autotrader.co.uk available for sale close to where the customer lives.
Auto Trader valuations are calculated by combining and analysing data from c. 500,000 trade used car listings every day, as well as additional dealer forecourt and website data (manufacturer, fleet and leasing disposal prices, as well as pricing data from over 3,000 car dealership websites, and data from major auction houses across the UK).
Auto Trader valuations monitor every retail price change in the marketplace and as prices can vary by region, Aviva’s final settlement offer is inherently fair as it reflects what it will actually cost to replace the vehicle where the customer lives. This is the first time an insurer has used Auto Trader’s data to value total loss settlements, and builds on the industry standard approach which does not consider location or actual live retail prices.
Since its launch in January 2016, Aviva has reduced the time to settle claims by 70%, with 35% of claims agreed on the first call and funds transferred to the customer to enable them to buy a new car.
Rob Townend, Claims Director, Aviva, said, “This is a great example of Aviva investing in digital solutions which make life easier for our customers. Our total loss settlement tool means that we can instantly use data pooled from Auto Trader, the UK’s largest Marketplace for new & used cars for sale, to make better decisions, faster – reducing uncertainty for our customers and allowing them to get behind the wheel quicker.”
Karolina Edwards-Smajda, Retailer and Consumers Products Director, Auto Trader, said,“We work closely with our trusted partners to ensure every step of the car buying journey is as easy and transparent as possible. Because our valuations are based on an unparalleled level of data points, they represent the most accurate reflection of the live retail market. This means we’re able to provide Aviva with an immediate retail value for their customer’s car and show them where they can buy a suitable replacement locally. This gives them the trust and confidence that they’re getting a fair value for their write off and enables them to be back on the road in a fraction of the time.”
The decision to repair or settle the claim as a total loss is made while the customer is on the phone to Aviva, giving customers with immediate certainty over how their claim is going to be handled. The analytics tool also cuts the time taken to settle the claim: by making the decision up front, the customer no longer needs to take their car to a garage for an assessment, avoiding wasted time at the repairers when the vehicle is a total loss.
About Auto Trader
Auto Trader Group plc is the UK and Ireland’s largest digital automotive marketplace. Auto Trader sits at the heart of the UK’s vehicle buying process and its primary activity is to help vehicle retailers compete effectively on the marketplace in order to sell more vehicles, faster. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 250 Index.
The marketplace brings together the largest and most engaged consumer audience. Auto Trader has over 88% prompted brand awareness and attracts an average of 55 million monthly cross platform visits a month, with circa 70% of visits coming through mobile devices.
The marketplace also has the largest pool of vehicle sellers (listing more than 470,000 cars each day). Over 80% of UK automotive retailers advertise on autotrader.co.uk.
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
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