Kewill
 

UK Motor Insurance Database (MID)

21 May 2007

Brokers and insurers are alive to the challenge of driving unnecessary time, cost and risk from current trading practices.

Increasingly vital, is the market place’s ability to exchange information speedily and securely in order to maintain competitive advantage and comply with current and future regulations such as the Motor Insurance Database (MID).

The Motor Insurance Database (MID) in practice

The UK has one of the worst uninsured driving records in Western Europe, with an estimated one in twenty cars being uninsured. But in the past year alone, thanks to the MID, the police managed to seize 60,000 uninsured vehicles and remove them from the roads.

Although the improvement is good news for the industry, a new requirement for brokers to submit clients’ records to the database within seven days could put them under pressure.

MID - Motor Insurance Database New Regulations

From January 1st 2008, the insurance industry will be required to submit clients’ motoring documents to the Motor Insurance Database (MID) within seven days, compared to the existing 14 day requirement. For the broking community this presents two key challenges: ensuring compliance with the regulations and maintaining customer service standards.

Read what the experts have to say

A panel of experts was asked to assess the impact this new requirement will have on the market at a recent Kewill roundtable event, held in conjunction with Post Magazine.

To download your copy of the Motor Insurance Database (MID) roundtable write-up, please complete the following details:

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