Africa-Press – Mauritius. An awareness event on the National Insurance Claims Database (NICD), that will allow the operationalisation of the Bonus Malus System, was held this evening at the Financial Services Commission (FSC) House in Ebène.
A video on the NICD was also launched on the occasion. The objectives of the database, that will be set up and hosted by the FSC, are to be a repository of motor vehicle claims data and to introduce a rule-based Bonus Malus System.
The Bonus Malus System rests on discounted premiums for good drivers and increased premiums for bad drivers, as well as incentives in the form of no-claims discounts.
The NICD also aims at automating the claims settlement system and enhance transparency in the claims management process. The Minister of Financial Services and Good Governance, Mr.
Mahen Kumar Seeruttun, the Chairperson of the FSC, Mr Mardayah Kona Yerukunondu, the Chief Executive of the FSC, Mr Dhanesswurnath Thakoor, and other eminent personalities were present at the event.
In his address, Minister Seeruttun highlighted that the Government Programme 2020-2024 spells out its agenda for a peaceful, safe and secure Mauritius and said that motor insurance is one of the top priorities.
He underlined that Mauritius, having one of the most concentrated vehicle densities in the world – 200 vehicles per square kilometre, –the risk of accidents is higher namely with more vehicles on the roads.
While pointing out that some 12,488 road accidents have been registered in the first semester of 2021, he stressed the need to instil a stronger sense of social responsibility among all motorists and road users.
According to the Minister, the implementation of the NICD will put in motion a Reward-Penalty system which will both ensure a better-focused, more accountable structure to protect Mauritian citizens.
He dwelt on its positive impacts namely in improving road safety, increasing competition regarding both service and cost for insurance companies, generating transparency that will bring forth more fairness and swiftness, and providing better data that will lead to more efficient policies.
Our objective, he stated, is to shape the claims landscape in a way that is fair, legitimate and affordable. Mr. Mahen Kumar Seeruttun reassured that the Government will use its very best endeavours to amplify its social purpose with the implementation of such initiatives.
As for Mr Dhanesswurnath Thakoor, he stated that the NICD is a repository for all motor insurance claims data, with the capacity to decipher and collate motor vehicle insurance claims.
Furthermore, he highlighted that the FSC, as a regulator, will have a better visibility on the claims management process for the orderly growth of the insurance industry. He added that the system will be a public good and will be for the benefit of society at large.
For his part, Mr Mardayah Kona Yerukunondu underlined that the FSC has taken decisive steps to act coherently within Government policy to digitalise the financial services sector and encourage innovation with a view to addressing enduring issues in the insurance sector.
The system, he said, will balance the right of all parties, and as the regulator and supervisor, the FSC will keep a watchful eye on the insurance market.
