Solving The Profitability Puzzle - Addressing Auto Insurance Quote Manipulation
Following best practices for combating quote manipulation means integrating robust verification tools into insurers workflows.
The agent component of quote manipulation involves insurance agents using their knowledge of the insurance system to alter information and secure lower premiums for clients.
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.
Advancements in quote management and policy management systems have made it easier for carriers to identify patterns of quote manipulation by agents.
