Experian Launches No Claims Discount Database

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Experian has launched the No Claims Discount (NCD) database allowing insurers to efficiently validate the no claims history of any individual.

Experian has launched the No Claims Discount (NCD) database, a centralised database of records associated with the no claims discounts of individual members of the public. 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 Experian's NCD database to replace the expensive and labour-intensive manual process they currently use to collect data, minimising risk and providing a better service for customers. The NCD database ensures the correct risk assessment is completed and the right rate is assigned to individuals, increasing customer confidence in the accuracy of data used by insurers. The database also eliminates the need for customers to submit written proof of their no claims history, reducing policy delays and improving the overall application experience.

The company is also implementing plans to combine the NCD database with data from its consumer pinning technology, named ExPin. Due to be launched later this year, the ExPin platform matches data by assigning every person a unique identifier PIN. This results in reduced duplication, improved match rates and better data quality.

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. With the addition of the NCD database combined with ExPin technology, insurers will be able to improve data management and identity verification, ensuring that they maintain an accurate and complete understanding of a customer's behaviour. 

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 discount' 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).

About Experian:
Experian is the leading global information services company, providing a payment gateway, and data and analytical tools to clients around the world. The Group helps businesses with fraud investigation, managing credit risk, insurance payments solutions, target marketing offers and business analytics. Experian also assists individuals with credit card protection.

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Chantal Heckford
Experian
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