The UK Financial Ombudsman Service has adopted Cazana’s valuations for assessments of written-off vehicles.
Cazana’s values are now one of the Financial Ombudsman’s reference points in whether an insurer’s valuation is reasonable in the case of written-off vehicles.
Founded in 2012, Cazana is a car search and indexing engine for used cars on sale in the UK. The business now tracks millions of vehicles for sale across eight countries on a daily basis.
Claims handlers, assessors, engineering firms and insurance companies can 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 Financial Ombudsman’s announcement for written-off vehicles will help to secure Cazana’s position as a key data provider to the automotive and insurance industries, according to the car search and indexing engine.
Cazana 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 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.”