The Financial Ombudsman Service has adopted Cazana’s vehicle valuations in order to assess the value of written-off vehicles.
The UK’s finance and insurance ombudsman will now make use of the platform’s market insight tool as one of its reference points when determining whether or not an insurer's valuation is reasonable in the case of written-off vehicles.
Cazana said in a statement that its approach to vehicle pricing, driven from the real-time retail market, had been central to the Ombudsman’s adoption of its services.
Cazana’s chief executive, Tom Wood, said: “This is testament to the quality and coverage of Cazana’s innovative retail-back valuation technology and we’re delighted to add the Financial Ombudsman Service to our long list of insurance clients.”
He added: “The automotive market is changing fast and it’s key for both dealers and insurers to recognise the modern way that vehicles are priced based on activity within the retail market – not legacy wholesale movements.
“We’re pleased that the Ombudsman has recognised Cazana’s unique ability here and added us to their vehicle valuation methodology.”
As well as offering real-time data to assist car retailers and insurance assessors, Cazana also claims to be unique in its ability to value rare and historic vehicles.
The platform’s historic pricing index, which was recently bolstered by their acquisition of Europe’s largest classic car community, CarandClassic.co.uk, is heavily used by insurers of classic and performance vehicles.