Software house says insurer interest in the initiative is high
Software house Open GI is now offering insurers access to the MyLicence data hub.
The Motor Insurers’ Bureau/DVLA MyLicence initiative is the latest in the battle against application fraud in motor insurance and works by verifying applicants’ driver details at point-of-quote by capturing their drivers’ licence number.
The software house said insurer interest in MyLicence is high, with several contracts signed and enquiries reaching double figures.
Open GI distribution director David Kelly said: “Combating 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 policyholder information which, in turn, will result in lower premiums for the customer and a competitive edge for the broker.”