The deal will help MIB to better respond to the evolving needs of its customers
The Motor Insurers’ Bureau (MIB) entered a new strategic partnership with Wipro Limited on 14 March 2022, which it said was set to transform data services for the insurance industry.
MIB and global information technology firm Wipro will work alongside the industry in the UK to re-platform the Motor Insurance Database (MID) and the Motor Insurance Anti-Fraud and Theft Register (MIAFTR) services onto a new cloud platform to deliver new self-service capabilities.
This partnership marks a significant step in MIB’s journey to replace ageing technology, improve customer experience and respond to emerging trends.
Ben Fletcher, chief customer officer at MIB, said: “Up until now we haven’t been in a position to fully respond to the needs of our customers in a modern digital world, but we are now looking at providing services that have enhanced capability and move us towards having real-time data, vastly improving how the industry interacts with our services.
“Wipro’s expertise and extensive industry knowledge will help turn our vision into a reality and we are extremely pleased to have them on board.”
Future of technology
The MIB said that its transformation was about investing in future technology and would focus on preparing for upcoming trends in the insurance sector such as autonomous vehicles and micro-mobility.
For example, the new technology deal will see the siloes of these two separate databases removed and the data they hold made available on one platform, presenting a single view of the customer to enable better decisions and increased efficiencies.
This agile and adaptable solution will enable MIB to be prepared for technological advancements and open a range of possibilities for adding new products easily.
MIB will also be looking at setting a new standard for data and improving efficiencies around it this year.
Fletcher added: “Our customer feedback and insight has got us to the critical point we are at today and their input is now more important than ever as we enter into the discovery phase.
“This is an opportunity for the market to help shape services for the future and the work to do this starts now.”
Listening and responding to the end-customers’ needs, the benefits of the cloud-based platform include:
- Capability for real-time data.
- On demand services.
- Ability to load short-term policies.
- Rich self-service functionality, particularly on features such as reporting and actionable insight.
Omkar Nisal, Wipro’s managinbg director for the UK and Ireland, said: “Over the years, rapidly changing insurance, automotive and regulatory policies have generated new data challenges.
“We will build a single data platform of the future, leveraging our digital, cloud, data and technology transformation practices. Through the new solution we will deliver agility, security and flexibility to adapt to the emerging market needs, to better serve MIB and its customers.”
Nisal said that Wipro are delighted to form a strategic partnership with MIB to enable transformation of its data platform, serving the industry and law enforcement agencies in the UK.