The dynamic new techniques are now the center of a new agreement that has been signed.
Zurich, one of the leading insurers in the world, has announced that it has signed an agreement with Autodata Middle East – a leading auto insurance pricing information provider – in order to help to determine a used vehicle’s actual value in the United Arab Emirates, to achieve far more accurate premiums calculations.
The new model takes many additional factors into account to help maintain accuracy.
The price of used vehicles change on a daily basis as a result of various different factors ranging from interest rates, depreciation, and seasonality. Within traditional systems for the valuations of these cars – such as valuation books and product pricing data – their values are based on panel opinions. The nature of this data is not independent, meaning that it does not provide an objective valuation.
The new model is designed to provide Zurich with much greater auto insurance objectivity.
This new agreement allows Zurich’s auto insurance to use the Autodata Middle East dynamic pricing model, which has been proven to provide an improved and immediate visibility to any of the marketplace changes that might occur to influence the valuation of the vehicles.
According to the CEO of general insurance operations for Zurich in the Middle East, Maroun Mourad, “An important part of Zurich’s service promise is a commitment to continuously improve how we service our customers and distribution partners. Finding accurate, up-to-date information can be hard in this market, even for a highly developed sector like the automotive industry.”
Mourad went on to explain that the dynamic vehicle valuation model for auto insurance will help Zurich to be able to better keep their commitment to maintain ever improving services for their distribution partners and their customers. This way, they will always have access to the latest up to date data, which can be very challenging to find within this marketplace.
Zurich believes that model from Autodata will give the insurer the ability to achieve highly improved auto pricing risk accuracy, making certain that their customers will always “enjoy the right cover at the right price.”