The honest policyholder wants quick, easy access to competitive premiums and the confdence that their policy is based on the right details. Faster quotes, more accurate informaton and the pricing of an insurance policy based on actual risk not just perceived risk are the demand. This requires trusted, accurate data and MIB is at the heart of providing such data for the beneft of insurers and their customers.

Through the build of the Motor Insurance Database, the data from which underpins police enforcement actvity and Contnuous Insurance Enforcement, MIB has developed a capability and expertse in data asset management and is an independent, trusted partner to the insurance industry for the delivery and management of other data initatves such as the Employers’ Liability Database. The challenge we now face is how we keep up with industry demand for new data-sharing programmes.

Recent insurer requests to MIB include the development of the MyLicence and No Claims Discount (NCD) services. These two services provide reliable informaton about customer driving histories which facilitate an accurate quotaton process and ensure that the most compettve quote can be provided. The MyLicence service makes it easier for policyholders to get an accurate, fair insurance price and harder for dishonest drivers to cheat their way to lower premiums.

Where these and other data services are being used, such as the Claims and Underwritng Exchange (CUE) the industry requirement is robust, reliable data. In CUE we are supportng this by reviewing the Data Dictonary to ensure that claims data recorded by the insurance industry is standardised and therefore consistent while the introducton of a centralised master version of the CUE database is also helping to improve the data exchange between insurers.

Although CUE is the central database for motor, home and personal injury claims, we are responding to industry demand to include additonal product lines. We are building CUE Travel to address a growing concern that fraud within the travel insurance sector is increasing. This product will provide a template for other insurance lines to be included on the CUE database.

The recommendatons from the Insurance Fraud Taskforce echo our belief that the insurance industry must contnue to work together to improve the quality, quantty and accessibility of data. The taskforce’s partcular recommendaton that the public should be able to easily check their own claims histories is an area we are exploring as we identfy the most effectve way to create a public access service to the CUE database.

"Insurers using the range of data services provided by MIB beneft from accurate pricing which helps to create a beter customer journey and improve consumer trust."

Businesses which have made investment in systems are standing head and shoulders above those using legacy systems and old architecture. Those embracing new digital systems are successfully utlising the range of data services, provided by MIB, across the customer journey. The result: insurers beneft from providing accurate pricing which helps to create a beter customer journey and improve consumer trust combined with the ability to combat opportunistc and organised fraud. It’s a win-win approach.