Solving The Profitability Puzzle - Addressing Auto Insurance Quote Manipulation
Advancements in quote management and policy management systems have made it easier for carriers to identify patterns of quote manipulation by agents.
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.
Insurers should understand the importance of proactive measures by carriers, especially in agent-driven channels, to combat quote manipulation.
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.
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.
