New CARFAX Vehicle Build Score Revolutionizes Auto Insurance Risk Assessment

Core Insights - CARFAX and Pinnacle Actuarial Resources have developed the CARFAX Vehicle Build Score to modernize vehicle rating systems, utilizing the full 17-digit VIN for better vehicle valuation and risk assessment [1][2][3] Vehicle Build Score Overview - The CARFAX Vehicle Build Score employs a proprietary vehicle valuation model that provides precise current market values, preventing over and underpricing [2] - This score analyzes a vehicle's loss experience at the component level, eliminating the need for annual updates to existing symbols [2] Industry Impact - The Vehicle Build Score offers insurers a refined approach to understanding specific vehicle configurations, leveraging CARFAX's database of over 36 billion records [3] - It is designed for both personal and commercial auto insurance markets, integrating easily into existing rating models and currently undergoing regulatory approval across the United States [3] Company Background - CARFAX, part of S&P Global Mobility, has been a leader in vehicle history information since 1984, providing various services to consumers and the automotive industry [5] - Pinnacle is an independent actuarial firm focused on the property/casualty insurance industry, ranking among the largest firms in the United States [7]