29th January 2015

Sabre Insurance Company Ltd has gone live with point-of-quote data enrichment checks in partnership with insurance software house CDL and the UK's leading data enrichment providers, Insurance Initiatives Ltd (IIL).

Sabre is the first CDL insurer partner to go live with the new enrichment solution, which provides real-time access to comprehensive vehicle data sets that Sabre uses to dynamically adjust premium rating before a policy is sold.

Rhian Farley, Product Development Analyst at Sabre, said: "Vehicle purchase date is one of the key factors that we look at when setting a premium for our customers. Historically we assessed the accuracy of the information given to us, after a policy had been purchased. By accessing accurate data from CDL and IIL at point-of-quote, we have eliminated the need to check data and potentially adjust premiums after policies have been purchased, significantly enhancing the customer journey.

The new enrichment solution takes advantage of CDL's Vehicle Information Service (VIS), providing insurers with access in real-time to extended amounts of vehicle data that CDL gathers from datasets including: the DVLA, Society of Motor Manufacturers and Traders (SMMT), Motor Insurance Anti Fraud and Theft Register (MIAFTR) loss history and finance data. This information can then be correlated with the insurer's existing risk and claims data to enrich their rating process, and pricing and acceptability criteria.

Vehicle lookup data is retrieved from CDL VIS by IIL. Lawrence Caley, Head of Software House Development at IIL, said: "This is the first time that we've processed vehicle data sources in real-time before a policy has been sold and we're very excited about the possibilities that it opens up for insurer partners. Insurers using the solution will gain access to a myriad of data types and the ability to customise their pricing structures for each type of data."

Nigel Phillips, CDL Commercial Director, said: "Eight out of nine of the UK's largest price comparison sites already use CDL VIS data to speed up the quotation process by automatically populating data fields in online forms. In partnership with ILL, we're extending the vehicle data service to insurers at point-of-quote. Insurers can now use data fields that they have found correlates to a policyholder's propensity to claim, such as whether a vehicle has outstanding finance, as a rating tool to influence the premium offered to consumers. This has the potential to transform the way that many insurers set prices."