Motorists in the UK are expected to save around £15 on their annual insurance premiums when a new industry initiative is launched later this year.

The MyLicence scheme will see all drivers' details and records transferred to an online database, giving insurers the chance to run more thorough checks on motorists.

With companies no longer forced to rely solely on customer honesty, they won't have to account for certain risks in other customers' premiums. As a result, they should be able to provide more accurate prices.

The initiative is the product of a collaboration between the Department for Transport, the Association of British Insurers (ABI), the Motor Insurers' Bureau (MIB) and the DVLA, and is expected to go live in autumn 2014.

According to gocompare.com, the new process will see drivers required to submit their driving licence number when applying for a new insurance policy. These will then be entered into the database by the providing company to gain access to a wealth of valuable information.

Among the details provided will be speeding endorsements, licence type, driving entitlement and whether the motorist has incurred any points, baytvliverpool.com reports.

As well as benefiting drivers financially, having all of the appropriate information stored in an online database should make the application process much quicker.