The Institute of Inertia is calling on the Government to open up our insurance claims history
Have you ever called an insurance company for a quote and felt like you were sitting a test about your own claims history? Or even spent hours trying to find old policy documents to ensure you don’t make an honest mistake? Well, 44% of us who have made a claim in the past have had to rely on memory and paperwork when reapplying for insurance. For those of you who have tried to get hold of your personal claims history know it’s no easy task.
There is a central database which isn’t easily available to members of the public. Insurance companies have free and constant access to all of our claims data. So why can’t you!
comparethemarket.com, informed by the Institute of Inertia, is calling on the Government and the insurance industry to rebalance this by making the application process for new insurance claims using previous data much easier and simpler.
Simon McCulloch, Director of Insurance at comparethemarket.com says:
“Remembering your full claims history is no easy task. People can often be put off addressing their insurance requirements as they worry about being penalised for making an honest mistake. Given that insurance companies can already access full claims histories, it’s time the power was rebalanced and put back with consumers.”
The Institute of Inertia is proposing that the insurance industry opens up the central database (Claim and Underwriting Exchange database) that holds consumer data on claims and underwriting history, which would give consumers easy access to their data to help them shop around for the best quotes. The aim is to simplify the process of switching or renewing insurance in the same way that people can now assess their credit scores. Simon McCulloch goes on to says:
“Just like the system introduced for bank accounts in 2015, it’s time that people were given the information that companies are already holding about them. For example, if someone makes an enquiry about a claim but doesn’t follow through with it, this can still be filed on their record.”
So in summary the Institute is calling on the Government to:
- Open up the claims and underwriting history database that is currently only easily accessible by insurance companies
- Give free access to the database
- Have a database which is hosted online so you can view your own data at any point
- In a common format that is easy to understand and shareable with third parties