MOTOR INSURERS BUREAU
Company Information
- Company Number
- 00412787
- Registered Address
- Linford Wood House, 6-12 Capital Drive Linford Wood, Milton Keynes, Buckinghamshire, MK14 6XT
- Status
- Active
- Employee Count
- 386.0
- Turnover
- 676687000.0
- EBITDA
- -1664000.0
Additional Details
- Website
- https://mib.org.uk
- Company Type
- Private company limited by guarantee without share capital
- Incorporated On
- 14 June 1946
- Nature of Business
- 82990 - Other business support service activities not elsewhere classified
- Industries
- Travel And Transportation
- Region
- South East
Company Location
Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 08 Feb 2024 | 19 | 87% | 8% | 5% | 13% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 20 | 84% | 9% | 7% | 16% |
| 01 Jul 2022 - 31 Dec 2022 | 19 Jan 2023 | 18 | 83% | 8% | 9% | 17% |
| 01 Jan 2022 - 30 Jun 2022 | 25 Jul 2022 | 20 | 85% | 7% | 8% | 15% |
| 01 Jul 2021 - 31 Dec 2021 | 17 Jan 2022 | 28 | 80% | 8% | 12% | 20% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 26 | 73% | 13% | 14% | 27% |
| 01 Jul 2020 - 31 Dec 2020 | 21 Jan 2021 | 25 | 68% | 14% | 18% | 32% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 23 | 71% | 16% | 13% | 29% |
| 01 Jul 2019 - 31 Dec 2019 | 20 Jan 2020 | 19 | 81% | 10% | 9% | 41% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 14 | 89% | 7% | 4% | 30% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 14 | 91% | 6% | 3% | 29% |
| 01 Jan 2018 - 30 Jun 2018 | 18 Jul 2018 | 3 | 100% | 0% | 0% | 0% |
Company Summary
The Motor Insurers' Bureau (MIB) is a non-profit organization that was established in 1946 to provide compensation to victims of uninsured or untraced drivers
Their main purpose is to ensure that innocent victims of road accidents are not left without financial support
In addition to their core activities, the MIB also has a strong sustainability program in place
They are committed to reducing their environmental impact and have set targets to decrease their carbon footprint
They also encourage their employees to adopt sustainable practices in their daily work
The MIB offers several products and services, including the Uninsured Drivers Agreement, which provides compensation to victims of uninsured drivers
They also offer the Untraced Drivers Agreement, which covers accidents involving untraceable drivers
The MIB also provides support and guidance to victims of hit and run accidents
The key people at the MIB include the Chairman, Dominic Clayden, and the Chief Executive Officer, Ashton West
They are supported by a team of experienced professionals who work tirelessly to ensure the smooth operation of the organization
To contact the MIB, individuals can visit their website at www.mib.org.uk
The registered office address is Linford Wood House, 6-12 Capital Drive, Linford Wood, Milton Keynes, MK14 6XT
The MIB also has regional offices located in Glasgow, Cardiff, and Belfast to provide support and services to victims across the UK
Overall, the Motor Insurers' Bureau plays a crucial role in providing support and compensation to victims of road accidents
With their sustainability efforts and range of products and services, they continue to make a positive impact on the lives of those affected by uninsured and untraced drivers
Company Review
Trend Analysis
The trend for Motor Insurers' Bureau has been a slight increase in the average time taken to pay invoices, with a peak in 2020 and a decrease in 2021. The percentage of invoices paid within 30 days has also shown a slight decrease over the years, while the percentage of invoices paid later than 60 days has fluctuated but overall shown a slight increase.
Volatility Analysis
The volatility for Motor Insurers' Bureau has been relatively low, with only minor fluctuations in the percentages of invoices paid within 30 days and later than 60 days. The average time taken to pay invoices has shown a larger fluctuation, but overall has remained within a 10-day range.
Summary Analysis
Looking at the past three periods, there has been a slight increase in the average time taken to pay invoices, with a peak in 2020 and a decrease in 2021. The percentage of invoices paid within 30 days has also shown a slight decrease over the years, while the percentage of invoices paid later than 60 days has fluctuated but overall shown a slight increase.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
30 days following the receipt of a valid invoice
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
30
Dispute Resolution Process
If a supplier has a dispute or complaint then they can raise it with us through our dispute resolution procedure which we set out in our contracts. This procedure would start with the supplier notifying us of the dispute or complaint and then the parties will attempt in good faith to negotiate a settlement within 30 days. This can involve escalation of the dispute to the Chief Finance Officer (or equivalent) of each party. If the dispute cannot be resolved then the procedure allows the supplier to take the dispute to arbitration under the London Court of International Arbitration procedural rules and the decision of the arbitrator shall be final and binding on the parties.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available