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Microdot law may result in reduced motor insurance premiums

Submitted by Michaela on Wed, 2012-04-04 16:25
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Amendments to the National Road Traffic Act that require all new vehicles registered in South Africa as of 1 September 2012 to incorporate Microdot technology is a hugely positive step towards the identification and recovery of stolen vehicles and could benefit consumers through reduced motor insurance premiums in the future.
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This is according to Christelle Fourie, Managing Director of MUA Insurance Acceptances, who welcomes this long-awaited and necessary legal stand against motor vehicle theft and the illegal spare parts trade in South Africa.
 
“The recovery of stolen vehicles is a huge problem in South Africa, with statistics from Business Against Crime South Africa (BACSA) revealing that an estimated 90000 cars to the value of R9 billion are stolen or high-jacked every year in South Africa and around only 43% of these cars being recovered.”
 
Read more by clicking on the link below:
 
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Microdot Technology now a law:

Submitted by Michaela on Wed, 2012-04-04 12:48
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MUA is pleased to announce that amendments to the National Road Traffic Act now require that all new vehicles registered in South Africa as of 1 September 2012 must incorporate Microdot technology. MUA believes this is a hugely positive step towards the identification and recovery of stolen vehicles and could possibly benefit consumers through reduced motor insurance premiums in the future.
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MUA previously reported on this superb technology which involves the spraying of new vehicles with thousands of 1mm diameter-sized Microdots onto a minimum of 80 different parts of the vehicle. Each Microdot contains a microscopic 17-digit laser-etched VIN and personal identification number (PIN), which allows for the vehicle to be traced back to the registered owner. The Microdots are only visible under a ultra-violet light and visible through a magnified lens.
 
Only one dot is required to trace the owner, whose details are registered on a national database. The Microdots are also applied both covertly and overtly, making it far more difficult for thieves to remove or conceal the microdots, or strip parts of the car for resale.
 
Once the Microdot technology has been applied, the vehicle is fitted with a warning sign which acts as a visual deterrent to would-be criminals. Microdot manufacturer DataDot Technology South Africa estimates that Microdot-fitted vehicles are 50% less likely to be stolen than those that are not. Furthermore, a study conducted by Business Against Crime South Africa (BACSA) found that the recovery rate of cars with Microdot technology is 91%.
 
The technology is already supported by the South African Insurance Association (SAIA) and it is a good idea for brokers to speak to their clients about the benefits of having their vehicles fitted with Microdot technology, MUA is offering reduced premiums for clients who incorporate the Microdot Technology. Please contact Michelle Bellin National Claims Manager at MUA mbellin@mua.co.za for further information on this.
 
 
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What we believe

Submitted by Guest on Fri, 2011-03-04 01:10
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What we believe
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Everyone at MUA is clear on how we will achieve our goal of offering you bespoke tailored risk management solutions for the Individual.
 
We believe this will be achieved by:
Introducing enabling technology that enhances our ability to share accurate information and promotes the relationship with one another and with our network of brokers  who represent our interests.
 
Improving our pricing ability through actuarial analysis to make better use of the wealth of data we have available. In doing so, we can transform from manual underwriting to a sophisticated and scientific approach to determining the best rate for the risk we cover – a solution that matches our promise to the market.
 
Leveraging our strong brand to increase our broker network, which will enable us to significantly grow our income base. We are confident that we can remain relevant to the healthy South African broker community and will follow a tactical approach to ensure an emotional bond with them.
 
Increasing our competitive edge by having access to the best available reinsurance program through our parent company Hanover Re.
 
Ensuring that the best people in the industry, who share our desire to manage risks while servicing our brokers and clients, work for us and advance our efforts
 
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