ILC ARTICLE

Half of policyholders ‘misstate’ information

16th May 2022

Nearly a quarter of UK motor insurance buyers think it’s acceptable to manipulate the information they provide to get a cheaper policy.

This is according to a survey of 1,500 motorists carried out by LexisNexis.

It found that 21% think changing their information is acceptable, up from 12% the last time LexisNexis carried out this study in 2018, while 48% think it is acceptable to ‘misstate’ information to secure a lower quote.

To combat this, LexisNexis Quote Intelligence has introduced an enhanced Manipulate Module that connects and compares quotes from across the market to help insurers identify if information has changed across online quotes.

By uncovering changes such as how many years the vehicle has been owned, years of licence held, occupation, and estimated annual mileage, LexisNexis Quote Intelligence can help protect insurance providers from inaccurate pricing and potential fraud.

Martyn Mathews, Senior Director of Personal and Commercial Lines at LexisNexis Risk Solutions Insurance UK and Ireland, said, “LexisNexis Quote Intelligence provides real-time data insights to help identify potentially fraudulent behaviour for improved risk assessment and pricing accuracy at point of quote. This is all with the aim of treating the consumer base fairly, using a market-wide quote history database.”