Formed on 1st November 1998, Motordata Research Consortium Sdn Bhd (MRC) was formed with the key objective to reduce the subjectivity in the motor insurance claim. By using researched, proven vehicle panel replacement times, along with an accurate, standard retail parts price database, the MRC was able to offer the insurance industry a new platform to improve claims processing and increase transparency for each of the stakeholders.
Being the appointed standard bearer for claims data, the MRC, also has the responsibility to accredit and audit any motor insurance estimating software that wishes to operate in the Malaysia market. Part of this compliancy is to supply all claims information into our central industry database, whereby the data is collated and analysed for further improvements and recommendations for Malaysian Insurers.
The current shareholders of the MRC are HeiTech Padu Berhad and MNRB Holdings Berhad that are both public listed companies on the first board of the Malaysian Stock Exchange.
Our fundamental mission is to reduce subjectivity and provides transparency in the motor insurance claims estimation and compensation. We also have our social responsibility to ensure that vehicles damaged in an accident are repaired using the correct methodology, equipment, and skills in order to be safely put back on the road. Educating and accrediting employees within this process is also part of MRC’s social responsibility and one of our key, long-term goals.
In October 1998, PIAM, with the endorsement and agreement of its members, decided upon improving market practices in the management of motor insurance claims.
Implement and localize a single, and standard database of replacement motor parts nomenclature, price reference and repair times.
Set up a Claim Processing Centre through which all estimates would be routed for collection and analysis of all claims data. Reports and analysis can then extracted from this information bank.
Certify and conduct compliancy audits on all front-end estimating systems developed or marketed by software houses that are linked to the MRC Database and iCAP.
