the Financial Ombudsman Service, the UK’s finance and insurance ombudsman have now adopted Cazana’s vehicle valuations in order to assess the value of written-off vehicles. Cazana’s values are now one of the Ombudsman’s reference points in whether or not an insurer’s valuation is reasonable in the case of written-off vehicles.
Cazana’s approach to vehicle pricing, driven from the realtime retail market was a key detail in the Ombudsman’s adoption. Customers now compare the market for similar vehicles to prove value and Cazana is the only valuation provider in the market with valuations driven by realtime retail activity.
Many claims handlers, assessors, engineering firms and insurance companies already use Cazana’s data to assess vehicle values which helps treat customers fairly with transparent justification of a vehicle’s worth based on matching vehicles currently in the market. The Ombudsman’s announcement will further secure Cazana’s position as a key data provider to the automotive and insurance industries.
Cazana is also unique in their ability to value rare and historic vehicles. Cazana’s historic pricing index, bolstered by their acquisition of Europe’s largest classic car community, CarandClassic.co.uk is heavily used by insurers of classic and performance vehicles. The CarandClassic acquisition has added 15 years’ of classic and specialist car data to Cazana’s huge database of vehicle pricing activity.
Cazana’s CEO Tom Wood commented, “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 clientsâ€
Tom 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 methodologyâ€
