CENTREVILLE, Va., Feb. 25,
2025 /PRNewswire/ -- CARFAX, the leader in vehicle
history data, along with Pinnacle Actuarial Resources, a renowned
actuarial consulting firm, have developed an innovative score
designed to modernize and replace traditional vehicle symbols. The
CARFAX Vehicle Build Score utilizes the full 17-digit VIN to help
insurers refine their rating by better understanding a vehicle's
value and specific attributes through a simple score.
The CARFAX Vehicle Build Score incorporates a proprietary
vehicle valuation model that prevents both over and underpricing by
providing precise current market values. CARFAX uses advanced
modeling techniques to analyze a vehicle's loss experience at the
component level, eliminating the need for yearly updates and
adjustments to existing symbols.
"The existing practice of utilizing symbols does not reflect an
understanding of a specific vehicle's bumper to bumper
configuration" said Don Hendriks,
Director of Insurance Analytics at CARFAX. "The CARFAX Vehicle
Build Score leverages CARFAX's database of more than 36 billion
records to provide insights into a specific vehicle's factory and
post-factory installed features, helping insurers better understand
risk and price policies appropriately. "
"For insurers, the Vehicle Build Score is an evolution towards a
more advanced and refined approach to symbols and the rating
process," Pinnacle Managing Principal Roosevelt Mosley said. "Our partnership with
CARFAX allows us to translate detailed vehicle data into actionable
risk assessments via a simple score, giving insurers a critical
edge in underwriting and pricing."
The CARFAX Vehicle Build Score is designed for both personal and
commercial auto insurance markets, offering unmatched details at
the VIN level. The score easily integrates into your rating model
and is currently being filed and approved by state regulators
across the United States.
For more information about the CARFAX Vehicle Build Score, visit
CarfaxForInsurers.com.
About CARFAX
CARFAX, part of S&P Global Mobility, helps millions of
people every day confidently shop, buy, service and sell used cars
with innovative solutions powered by CARFAX® vehicle history
information. The expert in vehicle history since 1984, CARFAX
provides CARFAX Car Listings, CARFAX Car
Care, CARFAX History-Based Value and the
flagship CARFAX Vehicle History Report to consumers and
the automotive industry. CARFAX owns the world's largest vehicle
history database and is nationally recognized as a top workplace
by The Washington Post. Shop, Buy, Service, Sell – Show
me the CARFAX®.
S&P Global Mobility is a division of S&P Global (NYSE:
SPGI). S&P Global is the world's foremost provider of credit
ratings, benchmarks, analytics and workflow solutions in the global
capital, commodity and automotive markets.
About Pinnacle
Pinnacle is an independent, full-service actuarial firm focused
on the property/casualty insurance industry. With a home office in
Bloomington, Ill., the firm also
has offices in Atlanta,
Chicago, and San Francisco. Pinnacle is owned by its
professional staff and ranks among the largest property/casualty
actuarial firms in the United
States. To learn about Pinnacle's Commitment Beyond
Numbers, please visit www.pinnacleactuaries.com.
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SOURCE CARFAX
