In a study of 1,500 U.K. motor insurance buyers in April 2022, 21% confirmed they think it is completely acceptable to manipulate the information they provide for a cheaper motor quote.
This is a big jump from 12% in the same LexisNexis Risk Solutions study in 2018. Overall, 48% think it is completely or somewhat acceptable to deliberately misstate information to obtain a lower quote.
Responding to a growing concern that motor insurance coverage and pricing accuracy are being affected by consumers deliberately misstating key facts as they shop online for insurance.
By uncovering changes between quotes in key fields prone to manipulation, such as how many years the vehicle has been owned, years of licence held, occupation, and estimated annual mileage, insurers use specialist companies to protect them from inaccurate pricing and potential fraud. These insights could also help insurance providers protect consumers from their policies being rendered null and void if deliberate misstatements are uncovered at the claims stage.
Martyn Mathews, senior director of personal and commercial lines at LexisNexis Risk Solutions Insurance U.K. and Ireland, says: “Many key fields in the quote process are prone to manipulation, and we now know that consumer willingness to manipulate quotes is high. Even before the current cost of living challenge, our research found that two out of five motor insurance customers think it is acceptable to manipulate the information they provide when obtaining a quote from a price comparison site.”
Key Facts about Application Fraud in Insurance
Quote Manipulation Research by LexisNexis Risk Solutions April 2022 compared to January 2018
We Can Ensure Your Peace Of Mind
At Omni Davis we work tirelessly to provide our customers with peace of mind that their insurance policies will respond in the event of a claim. An important part of this is to make it clear what details are relevant to insurers to reduce the risk of them basing your cover on incorrect information. Any details that are not fully declared to insurers can run the risk of voiding your covers.
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