MIB and DVLA launch MyLicence
The Motor Insurers' Bureau (MIB) have successfully partnered with the Driver and Vehicle Licensing Agency (DVLA) to create a new service called MyLicence. The joint initiative has been in the works since as early as 2010, and from an insurer's standpoint it will almost certainly revolutionise the way the process is conducted.
The service will provide instant access to a driver's complete history via a secure 'hub' at the MIB. Every person will have a unique driving licence number which will be asked for during the quote stage of the process, when accessed by the insurer they will be able to see whether the driver has any entitlements, endorsements and/or penalty points in their driving history.
This effectively means insurers will be able to assess risk accurately and quickly, proving quotes based on correct and up to date information. This is certainly a useful tool for an insurer, with recent studies revealing that 23% of people fail to accurately disclose their driving history, with 16% under declaring convictions and 7% over exaggerating. MyLicence will be beneficial for the customers, who no longer have to remember exact figures and dates from their driving history, at the risk of invalidating their policy if incorrectly relayed. The process will also prevent any fraudulent claims being made to the insurer, be it on purpose or due to human error.
Huw Evans, Director of Policy and Deputy Director General, Association of British Insurers, commented that MyLicence will "help insurers, brokers and comparison websites to better identify potential frauds and keep motor insurance premiums as competitively priced as possible."
With more than 100 insurers signing up, this will undoubtedly transform the quoting process from an insurer's standpoint, and from our perspective at MCE it seems to be one that will benefit everybody - creating accurate quotes quickly, and hopefully ruling out any human error that may be involved as a by-product.
27.12.2014 - Big Ed