Solving The Profitability Puzzle - Addressing Auto Insurance Quote Manipulation
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.
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.
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.
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.
