CGI (NYSE: GIB) (TSX: GIB.A) today announced it has been contracted by the Motor Insurers’ Bureau (MIB) to develop and operate an industry hub allowing insurance providers to obtain driver licence information at the point of quote.
This forms part of an industry-wide initiative led by the Association of British Insurers (ABI), working with MIB and the Driver and Vehicle Licensing Agency (DVLA), to enable the motor insurance market to securely obtain driver data – with the aim of improving the pricing of premiums, based on accurate driver information and reducing fraud. Nearly 20% of all policy holders under-declare the number of motor convictions they have (either deliberately or by accident). This means that they do not pay enough for their motor insurance and honest motorists have to pick up the tab.
Insurers, aggregators and brokers are working with software houses to prepare their systems to be able to link to the hub. The initiative is expected to be welcomed by consumers as a recent AA poll of 17,883 of its members showed that 92% were in favour of a facility that would help to cut down fraud.
In the future, if a customer chooses to provide their driver licence number (DLN) details about their entitlement to drive and any current penalty points or disqualifications can be provided by the DVLA. Insurers, comparison websites and brokers will be able to request this, via the hub, in real time so there will not be a delay in customers receiving quotes.
“CGI understands the UK insurance market and this was an important part of ensuring that the system delivered will benefit both the industry and their policyholders. The development of the hub infrastructure is already underway with the aim of being available for the insurance market to start using from Q2 in 2014,” said Ashton West, Chief Executive at MIB.
“The creation of this hub reflects the insurance industry’s continued dedication to utilise technology to help create a fairer and more transparent process for both insurance providers and consumers,” said Mike Whitchurch, Senior Vice President of the UK Commercial Sector at CGI. “We look forward to working in partnership with MIB on their roadmap to enable access to other industry data sources at point of quote.”
CGI is developing the hub and will provide on-going technical support, with the service going live in 2014.
CGI has a long history of working with the insurance industry both in the UK and globally, including similar insurance data hubs. CGI collects and manages automobile, personal and commercial property policy and claims transaction data from the majority of private P&C carriers in Canada. This represents more than 25 years of aggregated industry data with over 19,000 registered users (brokers, agents, carriers, investigators) from the insurance industry requesting more than 11 million information products annually.
About CGI
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 69,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annualized revenue in excess of C$10 billion and an order backlog exceeding C$18 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
About MIB Hub
The MIB Hub is a gateway for insurers to have access to external data at the most appropriate point in their process where the applicant chooses to provide their DLN. The first initiative is to give the insurance industry access to the DVLA driver data at point of quote, for mid-term adjustments (MTA) and at renewal calculation. A call to the hub can be made at the most appropriate time in the process. Point of quote requests can be made by an aggregator application, so that the DVLA information can be passed down to their panel, or by a broker or insurer front end application.
Investors
Lorne Gorber
Senior Vice-President, Global Communications and
Investor Relations
lorne.gorber@cgi.com
514-841-3355
Media
Jenny Thorpe
Head of External Communications UK,
jenny.thorpe@cgi.com
+44 (0)7771 815428
