news release
Nottingham, UK, 11 June 2013 – Experian®, the global information services company, today announced the launch of the No Claims Discount (NCD) database, a centralised database of records associated with any individual’s ‘no claims discounts’. For the first time in the UK, the insurance industry will be able to confidently, quickly and easily validate the ‘no claims’ history declared by individuals during the quotation, underwriting and claims processes.
Brokers and insurers can use the NCD database from Experian to replace the expensive and labour-intensive manual process to collect data that they currently use, minimising risk and providing a better service for customers. Experian’s NCD database will ensure the correct risk assessment is completed on individuals and the right rate is assigned, increasing customer confidence in the accuracy of data used by insurers. It will eliminate the need for customers to submit written proof of their no claims history, reducing policy delays and improving their overall application experience.
Experian is also implementing plans to combine data from its exclusive consumer pinning technology, ExPin1 , with its NCD database to enable improved data management and identity verification to ensure that an insurer maintains an accurate and complete understanding of a customer’s behaviour.
Experian already plays a key role in enabling the insurance industry to build a comprehensive picture of an individual, their assets and any associated risks, by hosting industry databases, such as the Claims Underwriting Exchange (CUE). Access to Experian’s NCD database will be online and straightforward for insurers, without the need to download specialised software. It will complement existing databases and provide the industry with a truly holistic view of an individual’s no claims discount data.
Jo Buxton, General Manager of Experian’s Insurance Services, said: “Working closely with the industry, we believe that at present only a small proportion of ‘no claims discounts’ are actually verified instantly, leaving room for error and fraud. Furthermore, the verification process can take a number of days.
“The availability of our No Claims Discount database will help the insurance industry protect against losses after the policy has been written, but will also help safeguard the interests of consumers.”
In addition to insurers, Experian’s NCD will be available to delegated third parties, such as brokers, intermediaries and claims handling companies (subject to approval of NCD members).
1ExPin - a dynamic data platform due to be launched later this year. It matches data by assigning every person a unique identifier PIN. It results in reduced duplication, improved match rates, unrivalled data quality and gives organisations a truly holistic view of their customers.
ENDS
Contact:
Chantal Heckford / / Maddy Morgan Williams / Philippa Williamson 020 7490 8828
chantalh@lansons.com / / maddymw@lansons.com / philippawi@lansons.com
About Experian
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2013 was US$4.7 billion. Experian employs approximately 17,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.