CARFAX is introducing a new way for insurers to assess vehicle value and risk.

The vehicle history report provider announced it has teamed with actuarial consulting firm Pinnacle Actuarial Resources to develop a score designed to “modernize and replace traditional vehicle symbols.”

The CARFAX Vehicle Build Score uses the full 17-digit VIN to help insurers refine their rating by better understanding a vehicle’s value and specific attributes through a single score, incorporating a proprietary vehicle valuation model that CARFAX said prevents overpricing and underpricing by providing precise current market values.

“For insurers, the Vehicle Build Score is an evolution toward a more advanced and refined approach to symbols and the rating process,” Pinnacle managing principal Roosevelt Mosley said. “Our partnership with CARFAX allows us to translate detailed vehicle data into actionable risk assessments via a simple score, giving insurers a critical edge in underwriting and pricing.”

CARFAX said it uses advanced modeling techniques to analyze a vehicle’s loss experience at the component level, eliminating the need for yearly updates and adjustments to existing symbols.

“The existing practice of using symbols does not reflect an understanding of a specific vehicle’s bumper-to-bumper configuration,” director of insurance analytics Don Hendriks said. “The CARFAX Vehicle Build Score leverages CARFAX’s database of more than 36 billion records to provide insights into a specific vehicle’s factory- and post-factory-installed features, helping insurers better understand risk and price policies appropriately.”

The CARFAX Vehicle Build Score is designed for both the personal and commercial auto insurance markets, offering details at the VIN level. The company said the score integrates into existing rating models and is currently being filed and approved by state regulators across the U.S.