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.
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.
From a consumer perspective, quote manipulation involves deliberately providing false or misleading information to insurance companies to secure lower premiums for auto or homeowner's insurance.
To address the issue of quote manipulation, the fundamental strategy for carriers revolves around rigorous verification processes.
