MOTOR insurers are ready to adopt the centralised database of motor<\/p>\n
repairs estimation, in line with Bank Negara Malaysia’s directive that<\/p>\n
all vehicle accident claims use a standardised database for motor parts<\/p>\n
prices and labour charges in estimating repair cost.<\/p>\n
Yesterday, more than 40 members of the General Insurance Association of<\/p>\n
Malaysia (Piam) endorsed the use of the Internet- based centralised<\/p>\n
database, which provides standards and reduce subjectivity in claims<\/p>\n
estimations and assessments.<\/p>\n
Piam has appointed Motordata Research Consortium Sdn Bhd (MRC) to<\/p>\n
realise Bank Negara’s requirement for a centralised database on motor<\/p>\n
parts prices and repair times.<\/p>\n
The central bank had required insurance companies to use the database<\/p>\n
back in October 2001, but the slow adoption process prompted it to set<\/p>\n
June 30 this year for 60 per cent usage and end of this year for full<\/p>\n
usage.<\/p>\n
MRC chief operating officer Khaeruddin Sudharmin said the current<\/p>\n
response from the insurance fraternity to the database had increased<\/p>\n
tremendously from earlier this year.<\/p>\n
“Some 12,800 claims were referred to the MRC last month out of an<\/p>\n
average 15,000 monthly claim cases filed by insurance companies.<\/p>\n
“To date, the MRC database has prices of 272 derivatives of 14<\/p>\n
different vehicle makes, which cover more than 89.7 per cent (total<\/p>\n
industry volume) of private vehicles on Malaysian roads today,” he said.<\/p>\n
Khaeruddin was speaking to reporters after a signing ceremony for the<\/p>\n
centralised database motor repairs estimation between the company and<\/p>\n
motor insurers in Kuala Lumpur yesterday.<\/p>\n
The event was witnessed by Bank Negara assistant governor Datuk Mohd<\/p>\n
Razif Abdul Kadir. Also presdent were MRC chairman Datuk Mohd Hilmey<\/p>\n
Mohd Taib and Piam chairman Anuar Mohd Hassan.<\/p>\n
The MRC database is mirrored after the world-recognised Thatcham Parts<\/p>\n
and Repair Times Database. The computerised estimating systems will<\/p>\n
provide users with access to the database for itemised estimates to be<\/p>\n
prepared, adjusted and approved.<\/p>\n
Composite and generic repair times are also available to provide<\/p>\n
standards and guidelines to repairers, loss adjusters, insurers and<\/p>\n
vehicle owners to enable them to know when a damaged car can be repaired<\/p>\n
and put safely back on the road.<\/p>\n
“We originally charged RM20 per claim reference, but have since reduced<\/p>\n
it to RM10 for insurance companies after a negotiation with Piam.<\/p>\n
“This initiative will benefit all industries and individuals associated<\/p>\n
with motor insurance claims and instil greater professionalism,<\/p>\n
transparency and consistency in motor insurance claims,” Khaeruddin added.<\/p>\n
MRC, a subsidiary of HeiTech Padu Bhd, also works with Thatcham to<\/p>\n
audit and certify front-end estimating systems for compliance to both the<\/p>\n
database and the claims processing centre (CPC), which provides<\/p>\n
electronic connectivity between all database users.<\/p>\n
Statistical data from the CPC are collected for Bank Negara and Piam<\/p>\n
for analysis and management purposes. Some of the added benefits of the<\/p>\n
CPC is its ability to monitor and track fraudulent claims, including<\/p>\n
providing history on vehicles and their owners.<\/p>\n","protected":false},"excerpt":{"rendered":"
MOTOR insurers are ready to adopt the centralised database of motor repairs estimation, in line with Bank Negara Malaysia’s directive that all vehicle accident claims use a standardised database for motor parts prices and labour charges in estimating repair cost. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1708","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1708"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1708\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}