The Motor Insurers’ Bureau (MIB) has today announced a new strategic partnership with Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, to build modern and scalable services for the insurance industry. The partnership marks a significant step in MIB’s transformation journey to replace ageing technology, improve the customer experience and respond to emerging technology trends.
MIB and Wipro will work alongside the industry in the UK to replatform the Motor Insurance Database (MID) and Motor Insurance Anti-Fraud and Theft Register (MIAFTR) services onto a new cloud platform and deliver new self-service capabilities.
The technology will see the siloes of these two separate databases being removed and the data they hold being available on just one platform, presenting a single view of the customer enabling better decisions and increased efficiencies. Listening and responding to the end-customers’ needs, the benefits of the cloud-based platform include:
- Capability for real-time data
- On demand services
- Ability to load short-term policies
- Rich self-service functionality particularly on features such as reporting and actionable insight.
The transformation is about investing in future technology. The agile and adaptable solution will enable MIB to be prepared for technological advancements and open up a range of possibilities for adding new products with ease. The focus will also be on preparing for upcoming trends in the insurance space like autonomous vehicles and micromobility. MIB will also be this year looking at setting a new standard for data and improving efficiencies around it.
Ben Fletcher, Chief Customer Officer for MIB, said:
“Up until now we haven’t been in a position to fully respond to the needs of our customers in a modern digital world but we are now looking at providing services that have enhanced capability and moves us towards having real-time data, vastly improving how the industry interacts with our services. Wipro’s expertise and extensive industry knowledge will help turn our vision into a reality and we are extremely pleased to have them on board.
“Our customer feedback and insight has got us to the critical point we are at today and their input is now more important than ever as we enter into the discovery phase. This is an opportunity for the market to help shape services for the future and the work to do this starts now.”
Omkar Nisal, Senior Vice President & Country Head – UK & IRELAND, Wipro Limited said:
“We are delighted to form a strategic partnership with MIB to enable transformation of its data platform, serving the industry and law enforcement agencies in the UK. Over the years, rapidly changing Insurance, Automotive and Regulatory policies have generated new data challenges. We will build a single data platform of the future, leveraging our digital, cloud, data and technology transformation practices. Through the new solution we will deliver agility, security and flexibility to adapt to the emerging market needs, to better serve MIB and its customers.”