Solving The Profitability Puzzle - Addressing Auto Insurance Quote Manipulation
Insurers should understand the importance of proactive measures by carriers, especially in agent-driven channels, to combat quote manipulation.
Carriers face significant challenges when addressing quote manipulation, balancing the need to provide a smooth customer experience for legitimate consumers while applying necessary friction to prevent fraudulent activities.
To address the issue of quote manipulation, the fundamental strategy for carriers revolves around rigorous verification processes.
Integrating identity verification at the very beginning of the quote process is a crucial strategy for carriers to manage quote manipulation and other identity risks effectively.
A specific study highlighted the practice of quoting multiple individuals from the same household on the same day to find a more favorable rate, based on who is designated as the primary insured.
