Saxon uses sophisticated technology to determine vehicle risks called a Rating Engine. The Rating Engine, identifies where a customer’s vehicle was manufactured, what the engine size is, various safety features and even what trim options it has, because not all vehicles are created equally.
Erwin Freeland, Saxon Claims Manager (and car enthusiast) explains, that “the Vehicle Identification Number (VIN number) on your car is like your DNA; it can be broken down and deciphered by Saxon’s Rating Engine.”
“VIN numbers were standardized in 1981, and are more than just a random set of letters and numbers. It is a window into your vehicle’s origins that provides extremely useful information.”
To be more specific, a vehicle’s VIN can be broken down into the exact country of origin, manufacturing plant, date of manufacture, engine type, trim level and additional options. If that wasn’t enough, depending on where your vehicle was manufactured, your VIN can advise of any safety recalls or previous claims and maintenance records.
Nick Brierly, Saxon’s CFO, recalls “Erwin was explaining the intricacies and importance of a car’s VIN one day to me over lunch. It immediately struck a chord, and so we set about creating a logical and equitable way to feed the information provided by a VIN back into the policy premium.”
Erwin continues “At Saxon, we understand that depending on where your vehicle was manufactured it could have a large impact on repair costs due to the availability of parts. Furthermore, different countries require varying safety standards which can impact passenger safety in the event of a crash, which can increase claim costs.”
The Cayman Islands currently has no restrictions on where a vehicle can be imported from which can pose some challenges to an insurance carrier and can also lead to increased rates for the whole market. Saxon has found a way to understand what version of vehicle our customers are insuring and then to rate it accordingly to better match price and risk.
VIN numbers can be located in multiple areas depending on when and where your vehicle was manufactured. These locations typically can be found on your engine compartment firewall, dashboard, driver side door jamb, and can even be located at multiple points around the vehicle by the manufacturer to deter distribution of stolen parts.
As Nick explains, “Erwin is a car guy. He lives and breathes cars – he is even building his own from scratch. And every day he changes his desktop background to a different performance vehicle. So it’s my job to harness that wealth of knowledge and passion and combine it with my skills to create solutions to problems. We’re proud of what we have achieved.”
Those who know Saxon won’t be surprised by yet another market innovation. Since starting in 2011, they have been innovation trailblazers in the insurance market. From being the first in Cayman’s insurance market to offer the ability to buy your policy online, to offering e-signatures which save time, to revolutionizing insurance options that allow customers to build their policy and save money, Saxon continues to lead the way.
Nick and Erwin agree “Whilst we are about to become the largest auto insurer in Cayman by market share, it is not a time to sit back and congratulate ourselves. The truth is, we don’t measure our success by comparing ourselves to the competition – we measure it by the number of quality innovations we develop that make buying insurance that much easier for our customers. If we can find ways for our customers to save time and money and do it all with a smile on our face, we are confident that the results will follow, because we love what we do.”
Erwin Freeland, Saxon Claims Manager
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Two St. Ignatius High School students – Daniel Champoux and Robbie Rutkowski are the November
team of the month winners in the Saxon Investment Club program for the 2017-2018 school year. Their
team, 'Exponential Growth' had the highest return (20.42%) for the month of November among
Whatever happens, your investment is protected with Saxon’s property insurance policy. Backed by Lloyd's the global insurance leader, your policy is issued by Saxon. We use innovative technology to settle your claims fast.Doing business is always easy with Saxon whether by email, live chat, in-person, or by phone. Saxon is Smart insurance.
In another first innovation in the Cayman Islands insurance market, local insurer Saxon has employed the use of drones for data gathering, imaging and surveying purposes of residential properties that the company insures.
The Saxon Secret Door Party was held on Thursday, March 10th at the George Town Yacht Club was the crescendo of the Saxon Geo Quote Contest which ran from November 2nd, 2015 until February 29th, 2016. The contest was launched when Saxon announced the addition of Property Insurance to their product line.
Saxon uses sophisticated technology to determine vehicle risks called a Rating Engine. The Rating Engine identifies where a customer’s vehicle was manufactured, what the engine size is, various safety features and even what trim options it has because not all vehicles are created equally.
Thirty-seven people participated in the social media promotion. The contest called for Cayman motorists to submit photos of their damaged vehicles to the ‘Saxon Fix My Ride website’. Contestants requested their friends to vote for them and shared their photos. At the conclusion of the contest there were a total of 7000 “likes’ and over 11,000 unique visitors to the contest site
Dozens of high school students will be spending the next six months trading stocks, managing investments and learning about the financial markets, as part of the Saxon Investment Club programme for high school and college students.
World Record holder, Olympic Gold Medalist and arguably the fastest man in the world Usain Bolt touched down at Owen Roberts International Airport yesterday day morning on a Cayman Airways 737 from Kingston Jamaica to unprecedented fanfare requiring crowd control
Attention Wall Street, Bay Street, Portugal and Greece: your future and recovery just might lie in the hands of a handful of student investors in Grand Cayman. That's right - an extracurricular group of young students have found that their investment portfolio is up by more than a hundred percent
One of the Saxon Investment Club groups calling themselves Modern Day Investors would appear to have something to teach the portfolio managers of Toronto, New York and London. More impressive is their leading streak for four months running.
This is the second consecutive year that the Cayman Islands will join the rest of the world in honouring the achievements and positive contributions of men and boys. A generous community donation by Saxon made these activities possible.
Saxon has commenced its annual Drivers Education Programme in partnership between Saxon Motor and General Insurance Company, Prestige Motors, Cico Avis Rental Car Company, the Department of Vehicle and Drivers Licensing (DVDL) and the Ministry of Education.
Saxon is sponsoring the Cayman Islands Motorcycle Riders Associations (CIMRA) 2012 Toy 4 Tots Toy Drive running December 3 through 12, 2012. New, unwrapped toys can be dropped off at Saxon Centre and will benefit local families.
Saxon a wholly owned Caymanian company and the leading insurance provider serving the Cayman Islands have named the grand prize winner of its License To Win contest held during the recent Pirates' Week events; Henry Ferguson of George Town
Based out of Cayman Islands Saxon, have helped finance the FC International football training camp in the Cayman Islands. Founded in 1993, hundreds of youth ages 6 to 16 from across the Cayman Islands have participated in the football camp learning fundamental skills and athletic leadership.
An elite group of students are about to once again prove that it's never too early to start managing your money. This year's Saxon Investment Club was launched on October 1st to local high school and college students ages 14-19;
Saxon (Saxon), a leader in insurance and buy online services, announced today its partnership with Brac Insurance as official partners in Cayman Brac to expand services for the firm's growing customer base in the Cayman Islands.
VVolunteers from the Cayman Islands Animal Humane Society (CIHS) had an incredibly challenging couple of months with storms flooding the shelter areas leaving enclosures uninhabitable for the many cats and dogs living there.
Saxon Motor & General Insurance Company Ltd. began its public school drivers education programme with co-sponsors dms Organisation Ltd., Prestige Motors, Avis, the Cayman Islands Ministry of Education,