LONDON - The Justice Secretary has today unveiled a new Bill offering hope of reduced car insurance premiums as part of a wider programme to tackle the UK’s compensation culture. The Bill includes changes to the way the personal injury discount rate is calculated.
Commenting on the Bill, Keith Binley, Managing Director of LexisNexis Risk Solutions, Insurance, UK and Ireland said: “We welcome the measures announced today to tackle the widespread issue of unverified claims in the motor market and bring the discount rate back to a level that is sustainable for the sector.
“The Government hopes the new Bill will lower the cost of insurance and put money back in the pockets of law-abiding motorists. We continue to support this worthy goal by enabling the UK motor insurance sector gain a clearer picture of individual risk, improve underwriting accuracy and combat fraudulent claims with the use of industry-wide contributory data, insight-driven analytics and advanced technology.
“These reforms are welcome and long overdue. Insurance providers need to use every tool in their armoury to tackle rising motor insurance costs – putting data insights at the heart of that strategy ultimately means a fairer deal for honest motorists.”
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.