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How the MyLicence scheme could help save you money

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Monday, 30 March 2015 GMT

Author: James McManus


Staveley Head recently became the first MGA/Broker to actively participate in the new MyLicence scheme. This revolutionary program was developed in response to the Government’s Insurance Industry Access to Driver Data (IIADD) programme and for the DVLA, who wanted to go digital with all their data.

MyLicence gives motor insurers and brokers instant, clear access to customers’ data, including driving history, just by using their licence number. With other brokers set to follow our lead during 2015, it will help us to:

  • Significantly speed up your quote process
  • Bring the cost of your insurance down
  • Improve the accuracy of your data
  • Better combat motor insurance fraud

The No Claims Discount database will be introduced in the near future too. This means we’ll be able to access data on discount years and see whether they are protected, guaranteed or standard – electronically.

Now this might all sound a bit Big Brother (the book, not the TV show…) but seeing information like this really helps everyone as we can now get the background on entitlements, endorsements, and penalty points quickly. That saves us and you time. We’ll also be better equipped to assess quote requests, determine risk levels and, as a result, provide a more appropriate price for you.

Put it another way, did you know that nearly a quarter of drivers make mistakes when disclosing their driving record? That can skew premiums and cost us all money. But with accurate information, we can get the premiums right and make sure everyone’s paying what they’re meant to.

In fact, it’s been estimated that using the MyLicence scheme could cut the cost of car insurance by £15 a year.

We’ve already started rolling this out to customers looking for a courier insurance quotation and we’ll be adding it to all our motor insurance products over the next few months so you won’t have to wait long to benefit from it.

At Staveley Head, we know that investing in improving our products and services like this will benefit both customers and insurance partners. By continuing to invest in improvements to our technology – and the accuracy of our data – you’ll continue to get the most competitive rate for your insurance, coupled with our first class customer experience.

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