As part of the Thatcham Research member value proposition, Elixirr provides access to new Value Optimiser to maximise motor insurance offerings.
Elixirr, the established, global award-winning challenger consultancy, has partnered with Thatcham Research, the leading provider of automotive risk intelligence. Elixirr will deliver greater value for Thatcham Research’s members through its custom-built Value Optimiser model. As automotive insurance pricing continues to evolve, this bespoke model offers empirical insights into the applications and challenges of Thatcham Research’s data. Via a series of tailored surveys and workshops, Elixirr will work with leading insurance companies to provide analytics to help them retain competitive edge in a crowded market.
Data is the base of the automotive industry, with risk intelligence key to car insurance pricing and insurance claims. Focused on creating a more agile car insurance landscape via robust data and analytics, Thatcham Research found its vast database was being underutilised by its current members. With circa 96% of motor premiums written by a Thatcham Research insurer member, both private and commercial, the rollout of this model comes at a time when everything within automotive is changing, as evidenced by Thatcham Research’s expanding remit across automation, connectivity, repair, security and electrification.
This partnership will ensure members are extracting as much insight as possible from the recent launch of Thatcham Research’s Vehicle Risk Rating (VRR), the replacement for the long-established Group Rating 1 – 50 model. VRR now assesses vehicles across five risk pillars, Performance, Safety, Security, Damageability and Repairability and comes at a time when the industry is becoming less driver focused and more vehicle driven. This shift requires insurance providers to have more data on the specifics of each car model, the likelihood of vehicle theft, the repairability of each model, and access to the skills to repair them.
Sam Parker, Partner at Elixirr says, "The traditional models of risk assessment in the automotive insurance sector are being challenged and achieving competitive advantage through data is more crucial than ever. Working closely with Thatcham Research to understand their member needs, we have built a new business proposition, The Value Optimiser, which provides Thatcham Research’s members with the granular data and insights that are essential to developing innovative insurance products tailored for the modern landscape.
“The Value Optimiser enhances Thatcham Research’s ability to deliver personalised solutions, improve customer experiences and optimise the claims processes of the members. In an industry where data is king, our partnership ensures that the right insights are being leveraged and automotive insurers are adapting to change and maintaining a competitive advantage.”
Jonathan Hewett, Thatcham Research Chief Executive says, “Our partnership with Elixirr will help our members realise the greatest possible value from Thatcham Research. It’s about interrogating what we do, how we collaborate with partners and instilling greater confidence to execute.
“As the remit of our research and the data requirements of the ecosystem expand, we must maintain a razor-sharp focus on the evolving needs of our motor insurance members. The established order is facing significant disruption – with the advent of the software-defined vehicle, and new market entrants and powertrains bringing challenge and opportunity to historic underwriting and claims modelling.
“The Elixirr team bring the consulting skills we do not have and will provide increased support for our members as they navigate the increasing complexity of the modern automotive landscape. In turn, we will continue to focus on our research, vehicle assessments and delivering data-rich risk intelligence products.”
ENDS
About Elixirr:
Elixirr is an award-winning global consulting firm working with clients across a diverse range of industries, markets and geographies. Founded in 2009, the firm set out to be the ‘challenger consultancy’ and do things differently than the large corporate consultancies dominating the industry: working openly and collaboratively with clients from start to finish, delivering outcomes based on innovative thinking, not methodology, and treating each client’s business like their own. Elixirr has been quoted on the AIM market of the London Stock Exchange since 2020. In addition to strong organic growth, Elixirr has acquired seven boutique firms – Den Creative, Coast Digital, The Retearn Group, iOLAP, Responsum, Insigniam and Hypothesis – to grow their capabilities, expand into new geographies and markets, access new clients and talent, and more.
About Thatcham Research
Thatcham Research is a not-for-profit automotive risk intelligence company dedicated to understanding the opportunities and risks of new vehicle technologies and supporting our partners in identifying the best strategies for safe, secure, and sustainable adoption.
The independent voice of automotive safety, security, and repair, we work in close partnership with insurers, vehicle manufacturers, technology providers and government, providing research and data to help minimise uncertainty presented by changes in technology and regulation.
Thatcham Research is also the company responsible for setting motor insurance risk ratings. Find out more about its new Vehicle Risk Rating system here.
For more information:
Clarity Global for Elixirr
Elixirr can be contacted on their website.
