Digital Matrix Systems, Inc. (DMS), today announced the availability of the company’s Standard Vehicle Output Format (SVOF), a data format that standardizes output from vehicle information providers, making the data easier to use and analyze for auto insurers.Accurate, easy-to-leverage vehicle history data is imperative for companies that use the information to establish insurance rates, verify current and previous vehicle ownership, and understand the full history of a vehicle. DMS is standardizing vehicle history data including ownership, maintenance, and accident, as well as vehicle history scores.
SVOF allows clients to filter sections of data by providing a start/end date on the inquiry. This would include, for example, the start date for the current owner that will be insured for a particular vehicle. Currently the SVOF can standardize a broad spectrum of vehicle data from multiple information providers, including annual mileage, odometer, suspected fraud, vehicle damage and other key vehicle data points.
“DMS prioritizes product development that helps our clients gain the most from their data and better serve their customers,” said David Graves, DMS executive vice president. “This new data format is already being leveraged by some of our clients, in one case to determine the average miles per year their customers drive. A standardized format reduces efforts to use multiple vendors, enhancing the value of the data and expediting the subsequent analysis.”
About Digital Matrix Systems, Inc.
Founded in 1982, DMS is an international risk management solution provider that helps clients leverage the power of data to make better-informed business decisions. Through an integrated product suite, DMS delivers secure access to consumer and commercial credit bureaus, as well as specialty data providers. As a reliable partner, DMS helps leading companies predict and manage risk in a variety of industries, including financial services, insurance, and brokerage services. The company provides data warehousing, advanced analytics, scoring models, and comprehensive consulting services, delivering strategic solutions tailored to each client’s business goals. For more information, visit www.dms.net.