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.
Quote manipulation refers to the deliberate provision of inaccurate information by either the insurance agent or the consumer during the quotation process to secure a more favorable insurance rate.
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.
Following best practices for combating quote manipulation means integrating robust verification tools into insurers workflows.
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.
