Insurance companies can feed and search the Motor database in accordance with the principles of reciprocity set out by MIB (Motor Insurers' Bureau), who is responsible for the management of the Claims and Underwriting Exchange Register (CUE) on behalf of insurers in the United Kingdom. Database enquiries can be made on both an ad-hoc basis and at the time of the claim record contribution due to the system’s adaptability to any business process requirement.
CACHE, the insurance bureau suite of services, helps to assess risk in order to confidently provide policy premium quotations and can automatically detect cases where further investigation is required at the underwriting and claims stages of the insurance lifecycle. The CACHE screening process can be enriched with a number of additional datasets (linked addresses, financial data, ID verification and vehicle data).
- Ability to increase premium revenue and profitability by charging rates linked to the true risk involved.
- Improved quality of the business portfolio and reduced exposure by accurately identifying risks.
- Reduction in the manual effort and costs involved in confirming at the underwriting stage whether an individual has consistently disclosed his claims history and can therefore benefit from a “no claims” discount.
- Reduction in claims expenses and faster processing through more efficient claims handling.
- Control of overall costs by identifying multiple and potentially fraudulent claims.
CACHE MotorPlus combines information on motor and personal injury claims related to road traffic accidents (RTAs) to improve the assessment of claims propensity, risk analysis and detection of fraudulent claims by third-party drivers at the early claims stage.
CACHE MotorPlus has been specifically developed for insurers with commercial and fleet policies in their portfolios and is particularly useful at First Notification Of Loss (FNOL). It allows you to assess the propensity of drivers and third-party drivers both to generate a Personal Injury claim as a result of a motor accident and to identify individuals involved in a motor insurance claim that have also previously claimed for a RTA Personal Injury.
CACHE Motor Underwriting
CACHE MotorPlus Underwriting is designed to work at points of sale and exploits the CACHE MotorPlus search engine, which combines information on motor and personal injury claims, together with the powerful algorithm and matching process made available by the CACHE Motor Underwriting tool which highlights non disclosure of claims. Speeding up the acceptance process needed to evaluate, refer or decline an application at the POS, CACHE Motor Underwriting shows all the matches found, together with discrepancy indicators. By automating processes to check claims disclosure inconsistencies declared at policy inception, the service heavily reduces operational costs, maximises internal recourses and effectively helps insurers fight potential fraudsters at a very early stage.
Thanks to the complete and easy-to-use output, integration with any in-house underwriting system is made easy and quick.
CACHE MotorPlus Underwriting
CACHE MotorPlus Underwriting is designed to work at points of sale and exploits the CACHE MotorPlus search engine, which combines information on motor and personal injury claims, together with the powerful algorithm and matching process made available by the CACHE Motor Underwriting tool which highlights non disclosure of claims. The service automatically and effectively flags up discrepancies between the claims disclosure statements made by applicants at point of sale and the claims found in the CUE database (Claims and Underwriting Exchange Register).
The final result shows complete and easy-to-use discrepancy indicators as well as the matches found in the CUE Motor and CUE PI databases in a combined output, making the tool easy to connect to any in-house underwriting system to effectively identify and prevent potential fraud at a very early stage.
Products and Services
The CACHE PI service enables insurers to search the Claims and Underwriting Exchange Register Personal Injuries database (CUE) and obtain a full report of the personal injury claims history of a given individual. It holds over 12.5 million personal injury insurance claims.
The CACHE Home service allows insurance companies to run a search in the the Claims and Underwriting Exchange Register Home database (CUE) and access a full report containing the home insurance claims history of a given individual. It holds over 7 million household insurance claims.
CACHE Pet gives insurers a centralised platform where they can share and interrogate industry pet claims data and related industry data bases to support the claims investigation process and identify claim anomalies, serial claimants, and emerging fraud trends.
From a wealth of powerful data, an easy to understand identity verification and risk assessment report is produced. Combining a brief results summary with a detailed granular report, ID Check delivers identity verification tools which are both user-friendly and highly informative as well as a corresponding score.