NASHVILLE, Tenn., April 8, 2021 /PRNewswire/ -- First
Acceptance Insurance Company, Inc. (Acceptance) received approval
from the California Department of Insurance on February 19, 2021, to use the TransUnion Vehicle
History Score powered by CARFAX® to help set auto
insurance rates. Vehicle History Score, a more accurate way to
score a vehicle's risk, could save Acceptance customers money on
their auto insurance premiums by helping to further segment risk,
allowing Acceptance to improve pricing. Acceptance is the first to
offer this scoring platform in California and is proud to provide the option
for its future customers.
While most rating plans on the market classify vehicles into
groups according to the vehicle type, such as year, make/model, or
engine size, Vehicle History Score is designed to predict a
specific vehicle's risk of a future claim based on its unique
historical footprint. The model was created through a partnership
between TransUnion and CARFAX and utilizes detailed information
unique to each vehicle which, specific to the California model, contains regulatorily
compliant vehicle characteristics.*
"Vehicle History Score leverages CARFAX's database of more than
25 billion vehicle history records, helping carriers offer more
competitive rates while managing their risk," said Dan Hill, National Sales Director in the CARFAX
Banking & Insurance Group.
This sophisticated and predictive scoring model is commonly used
in over 40 other states; however, this will be a first for
California. With the groundwork
laid by TransUnion and CARFAX, Acceptance navigated several months
of correspondence with the state to ultimately get the new rating
variable approved.
"TransUnion is excited to partner with Acceptance to introduce
Vehicle History Score to California consumers – a first-time offering
within the state," said Mark
McElroy, executive vice president and head of TransUnion's
insurance business. "Acceptance's commitment to innovation and
insurance affordability in combination with CARFAX's unparalleled
vehicle-specific data and TransUnion's comprehensive analytics
capabilities will help to better predict risk and offer customers
more competitive rates within the California market."
Insuring historically underserved customers, Acceptance is
continually finding ways to make insurance affordable for everyone.
Its company culture is focused on taking care of its customers,
making Vehicle History Score a natural step for this industry
leader.
"Rates for Acceptance's California customers will now include Vehicle
History Score, which could save them money on their car insurance.
It's just one more way that we are committed to making insurance
affordable. We couldn't be more proud to be the first company in
the state to provide this option," said Anthony Delaney, Senior Vice President of
Product and Underwriting at Acceptance.
To learn more about Acceptance or to inquire about insurance
coverage, please visit www.acceptance.com.
*Outside of California, Vehicle
History Score utilizes additional vehicle attributes, including
damage history, mileage history, repair history, ownership length
and type, and other similar information.
About First Acceptance Insurance Company Inc.
Acceptance Insurance (FACO) is an insurance carrier operating in
15 states. Their team of 1300-plus focuses on developing long-term
relationships with historically underserved customers and those who
prefer more flexible payment schedules and greater risk tolerance.
Local community engagement, supported by robust digital messaging
on owned and earned platforms, gives each agency a local feel and
the resources of an institutional carrier.
The technology that powers their claims department and the
values that comprise the Acceptance culture both serve their
mission: passionately helping hard-working people deal with life's
uncertainty. This commitment to service is evident in their A+
rating from the Better Business Bureau.
Additional information can be found online at
www.acceptance.com
About TransUnion (NYSE: TRU)
TransUnion is
a global information and insights company that makes trust possible
in the modern economy. We do this by providing a comprehensive
picture of each person so they can be reliably and safely
represented in the marketplace. As a result, businesses and
consumers can transact with confidence and achieve great things. We
call this Information for Good®.
A leading presence in more than 30 countries across five
continents, TransUnion provides solutions that help create economic
opportunity, great experiences and personal empowerment for
hundreds of millions of people.
http://www.transunion.com/business
About CARFAX
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
25 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 and rating 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.
Media Contact:
Christa
Spencer
(615) 829-1046
christa@greenapplestrategy.com
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SOURCE Acceptance Insurance