The Financial Ombudsman Service (FOS), the consumer redress organisation under the Financial Conduct Authority (FCA), has adopted Cazana’s valuation engine to assist with vehicle insurance litigations.
FOS adjudicators will use values provided by Cazana as one of the benchmarks to assess whether an insurer’s valuation is reasonable in the case of written-off vehicles.
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Cazana 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.
“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.”
Venture-backed Cazana, originally founded in 2013 as UKVehicle.com, says it is “the only valuation provider in the market with valuations driven by realtime retail activity”.
The company has been on a recruitment spree over the last year. It snatched director of valuations Rupert Pontin from Glass’s, and hired Robert Diamond, formerly of RAC, as board advisor. It then appointed Steve Worrell, also of Glass’s, as sales director and David Hammond as chairman.
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By GlobalDataOff the back of a £1.75m investment boost in November 2017, the data provider has also made a foray in the US and acquired classic vehicle website CarAndClassic.co.uk.
