Insurance companies across Australia are to be able to access real-time information when processing CTP thanks to changes to information access regulations.
A real-time computer interface is being built and is expected to be launched sometime next year with the aim of reducing fraud and speeding up the quoting process. Companies will have direct access to certain data held concerning the vehicle such as odometer readings, age and specifications according to new plans.
Spokesperson for the ICA, Campbell Fuller
, stressed that the information will be used to validate customer information.
“The changes to information access have been made by Roads and Maritime Services (RMS) to facilitate a new real-time information interface that is being built. This will allow validation of customer information in real time, leading to faster and more accurate CTP quotes.
“Information held by RMS will be used by insurers to confirm the accuracy of information given to them by customers, and to ensure the CTP quote is based on that correct information.
“The Motor Accidents Authority’s Premium Determination Guidelines govern the permitted pricing differentiation that can be used by the insurers,” Fuller said.
CTP insurance has risen 70% since 2008 and a spokesperson for Transport for NSW believes the changes will help reduce costs thanks to a reduction in fraudulent insurance applications and claims.
“Fraudulent insurance applications cost insurers millions of dollars a year and drive up the cost of premiums for all motorists,” the spokesperson told the Sydney Morning Herald.