Insurers commit to MyLicence on Open GI
Following successful implementation of the drivers’ licence number data capture in 2013, Open GI is now ready to work with insurers to connect to the MyLicence hub.
Despite only being in its infancy, this latest enrichment service available on Open GI, is already generating interest from panel insurers with a number of contracts signed and enquiries reaching double figures.
MyLicence, which works by accessing data directly from the Motor Insurance Bureau (MIB) to verify drivers’ details, will bring massive benefits to the Motor Insurance Industry by allowing for more accurate pricing of a risk and reducing exposure to fraud.
David Kelly, Open GI Distribution Director, comments:
“Combatting fraud is a huge topic within the insurance industry, particularly the motor arena. Fraud costs the industry exponential amounts each year, which is reflected with higher premiums for the honest customer. MyLicence will help eliminate erroneous policy holder information which, in turn, will result in lower premiums for the customer and a competitive edge for the broker. We are delighted to be at the forefront of bringing this important initiative to life.”
The Association of British Insurers added:
“Mylicence will deliver real benefits for the insurance industry and customers. Insurers and brokers will be able to access accurate data that will help stop fraudulent non-disclosures of qualifications or penalty points. Importantly, Mylicence will enable more accurate risk-pricing and will offer early adopters a distinct competitive advantage. We are pleased to see that industry partners are working together to take full advantage of the service.”
For more information about Open GI:
Helen Andrews
Group Head of Marketing & PR
Email: helen.andrews@www.opengi.ie
Notes to Editors:
Open GI is the leading technology partner to general insurance brokers in the UK and Irish markets. Its Core broking platform provides multi-line, multi-channel, multi-brand trading capability complemented by innovative ecommerce and mobile technologies. Open GI is part of the Open International Group alongside sister companies PowerPlace, Open GI London and Blue Fire Communications.
