What is the SINCO file?
The so-called “SINCO” is the Historical Record of the Motor Insurance. Let's see how useful it is, who manages it and how insurance companies use it.
What is SINCO for? Usefulness of the file
Thanks to the emergence of this file, insurance companies began to sharing customer claims data. Specifically, it reports how many at-fault claims (due to hits to opponents) an insured has given to his company in the last 5 years.
The consultation is based on informing the DNI, insured number plate and policy number in the previous company. Automatically and transparently, the insurer that is quoting this “new” insurance has key information to give a better or worse price, based on this good or bad accident rate.
This was a breakthrough for the insurance companies participating in the file (the 90% of them). It is a way impartial sharing of key data, through a system agile and safe.
Who manages the SINCO File?
UNESPA, The Patronal de las Entidades Aseguradoras is the owner of the file that collects this information. However, it is TIREA (Information and Network Technologies for Insurance Companies) which manages its use and processes the data provided by car insurance companies.
How is SINCO regulated?
The legislation that regulates this file is Article 25.4 of Royal Legislative Decree 6/2004, which approved the revised text of the Law on the Regulation and Supervision of Private Insurance. It states the following:
Insurers may establish common files containing personal data for the settlement of claims and actuarial statistical collaboration for the purpose of enable risk pricing and risk selection and the preparation of insurance technology studiesa.
Insurers not in SINCO
There are companies, such as Mutua Madrileña, which do not form part of this file. The reasons, in our opinion, are clear:
- They offer the bonus based solely on criteria of driver age and type of vehicle driven.
- It is a tactics “protectionist”When you join Mutua Madrileña, as you don't share SINCO data, you lose the historical bonus. So, when you want to change company for X reasons (price increase, bad service in a claim...) it is very complicated because you don't have a discount for good claims. You will have to go to apply for a claims certificate, The discount is still not the same as with companies that are in the SINCO file.
A word of advice: If you are going to change to one of these companies, you should keep a copy of your policy and the last receipt. Why? In case you ever want to change companies again, you should be able to prove that you previously had a bonus.
If you would like advice on the best car insurance or new driver car insurance do not hesitate, and enjoy a real professional comparator, with advice and after-sales service in the event of a claim.
