The Motor Insurers' Bureau has joined forces with BIBA, IIB and the ABI in urging brokers to supply policy information to insurers more quickly. A new form has been devised to assist manual business brokers in gathering key policy details for the Motor Insurance Database (MID).
The organisations have issued new guidelines, which request that brokers send insurers MID critical information, together with relevant cover notes, on the same day that policies are issued, renewed or amended. Any remaining details and completed proposal forms should be sent as soon as possible after that.
In situations where insurers have not provided brokers with specific forms for this purpose or a fully completed proposal can not be immediately produced, then the new manual business form should be used. Brokers should send the form to the appropriate insurer, along with the cover note, as soon as a policy is sold or updated to ensure that the MID's current 14-day compliance criteria are met.
"The whole insurance sector recognises the importance of keeping the MID up-to-date if we are to tackle the problems caused by uninsured driving," said Ashton West, the Motor Insurers' Bureau Chief Executive.
BIBA's Technical Services Manager, Graeme Trudgill said: "This form will help those brokers that still rely on manual business processes. If the client is slow in returning vital documents the new form can help those brokers safeguard their existing manual business processes and ensure MID compliance”.
