Motor Insurance Database (MID)
Recent Communications
e-trading the answer to MID delay
From January, under the 4th EU Motor Insurance Directive, insurers must supply details of all UK registered vehicles, policyholders and period of cover to the MID within 14 days.
The requirements of the Motor Insurers' Database (MID) are providing a useful incentive for brokers to start trialling e-trading. E-trading can be a powerful tool to help brokers reduce the current delays that are occurring in providing private motor vehicle details to the MID.
Norwich Union estimates that around 30 per cent of all paper-based transactions currently arrive late to the MID. However, updating personal lines motor policies online saves time and ensures that MID targets are met.
Jim Noakes, Director of Distribution and Services Development at Norwich Union, says: "We have looked very carefully at what we are doing internally to ensure we are supplying information to the MID in as efficient and timely a manner as possible. We are also asking our brokers to consider ways of speeding up their processes."
"E-trading offers brokers a fast, efficient and accurate method for registering private motor policyholder details, whilst reducing the manual element and the capacity for errors. It also enables brokers to issue policies themselves within minutes and helps insurers to keep the MID up to date."
"Perhaps of most interest to brokers is that e-trading would help brokers easily satisfy insurers' MID requirements."
E-trading is flexible, too. When a broker gets an online "refer" message - for example in the case of seeking quotes on a high performance vehicle or a young driver - it is possible through the Norwich Union system to obtain authority quickly and return to the partially completed online record and still complete the transaction.
The next edition of Broker TV, Norwich Union's interactive electronic magazine for brokers, will examine compliance and other MID issues.
The next edition of Broker TV is due out at the end of March. A copy of Broker TV can be obtained by emailing BrokerTV@norwich-union.co.uk.
