Insurance data intelligence provider Percayso Inform announced its acquisition of Cazana, a move that marked the company’s first major step forward in its plans to increase its footprint across the UK motor insurance market. Moving forward, Cazana will be known as Percayso Vehicle Intelligence.
Cazana was founded in 2012, growing to become one of the leading data insight platforms in the European automotive industry. Before Percayso’s purchase, it was acquired by Cazoo in 2021.
Serving over 40 clients, and providing insight to six of the top 10 UK motor insurers, Cazana offers insurance companies access to the largest vehicle database available. This database covers over 1 billion unique data points, delivering unparalleled levels of information about individual cars. It is the go-to data source for the Financial Ombudsman Service when settling claims disputes.
“Cazana have been our motor data partner of choice since we launched our insight as a service offering to the UK insurance market back in 2019, and their data tools are relied upon by some of the biggest names in insurance,” Percayso managing director Rich Tomlinson said. “When the opportunity arose to bring those services under the Percayso banner, we saw it as one that we had to take.”
Tomlinson said that the platform’s database provides motor insurers with a one-stop shop enabling them “to truly understand the risk factor of a vehicle including its likelihood to be involved in a claim.” With Percayso’s own insurance intelligence services, the data provided by Cazana will enable insurers to determine potential fraudulent activity, identify if a risk is right for their business, respond to changing market conditions and write better business.
Percayso uses its data and intelligence hub to add value to a vast array of datasets to provide next generation insurance intelligence services to insurers, brokers, and MGAs in both personal and commercial lines. The technology also aggregates data from many different sources, allowing intelligence to be accessed with an API call at significant volume.
“This is a transformational deal for our business. We’ve made considerable headway in the motor market over the past three years, most significantly announcing our partnerships with Somerset Bridge and Ageas,” Tomlinson said. “Acquiring Cazana will provide a springboard for us to grow our relationships with the motor insurers already using their services and I believe will open the door to many new opportunities.”
The ongoing development of Percayso’s vehicle data insight proposition will be led by Kieran Fisher, and moving forward it will include the additional capabilities that the Cazana acquisition brings. Fisher was previously head of insurance at Cazana for five years.
In a bid to futurize the industry within the autonomous vehicular insurance sector, Aioi Nissay Dowa Insurance (ANDI) Europe has announced a significant investment with Oxford-based AI company Mind Foundry.
What are your thoughts on this story? Please feel free to share your comments below.