TUSCALOOSA, AL – August 10, 2021 – Insuresoft, a leading provider of mission-critical core systems for the Property & Casualty insurance industry, announced that it has added CARFAX vehicle history information to its extensive lineup of pre-integrated solutions for auto insurers.
CARFAX, owner of the world’s largest vehicle history database, provides crucial vehicle history data to hundreds of insurers. This predictive data can be instantly accessed through the Insuresoft core platform, providing insurers additional datapoints to accurately underwrite and price personal and commercial auto insurance risks.
This pre-integrated enhancement allows Insuresoft customers to turn on and quickly access CARFAX data with no coding and minimal effort. “Our unwavering goal is to make it easy for insurers to succeed with an agile, intuitive and low-code core platform,” said Terry Brown, President & General Manager at Insuresoft. “To support that goal, we’ve engineered more than 100 pre-integrations and we’re always adding more. With CARFAX data, our insurance customers now have one more tool available to make informed underwriting decisions,” she added.
The auto insurance environment has become increasingly competitive with online shopping gaining momentum. Accurate pricing is extremely important for attracting and retaining auto insurance customers.
CARFAX data is rigorously tested to ensure accuracy. “Our studies indicate that vehicle history data such as mileage, vehicle damage and length of ownership, provide auto insurers significant loss ratio improvement through better pricing segmentation and accuracy,” said Dan Hill, National Sales Director in the CARFAX Banking and Insurance Group.
CARFAX, a part of IHS Markit (NYSE: INFO), is the vehicle history expert for used car buyers, sellers, lenders, insurers and the automotive industry. With over 26 billion records, CARFAX has the most accident and damage information. CARFAX has vehicle history data on all used cars and light/ medium trucks model year 1981 or newer and has over 112,000 data sources including government, public, and corporate sources. CARFAX provides the data insurance carriers value in their underwriting, rating and claims processes, helping them attract and retain more of their target insurance customers. To learn more about the CARFAX Banking & Insurance Group, visit www.CarfaxForInsurers.com or call 800-789-6232.
Insuresoft delivers mission-critical core systems to property & casualty insurance companies and managing general agents. The flagship product, Diamond, is a digital insurance platform comprised of policy, billing, claims, data, and analytics capabilities. The platform processes all personal and commercial lines of business in all 50 states. With a growing ecosystem of partners, Insuresoft accelerates the integration and innovation required by P&C insurers to meet the needs of a rapidly changing market. For more information, please visit www.insuresoft.com.