Quote manipulation has been a major issue for the insurance industry for some years now. With an estimated 40% of consumers willing to manipulate key quote fields in order to falsely gain a lower price, as well as presenting a higher level of risk, insurers are losing millions in premiums to this widespread practice while honest consumers are suffering from the knock on effect of higher premiums.
The challenge to insurers has been the ability to accurately detect such activity, in real time, across millions of quotes, multiple channels and multiple fields. Percayso has been working on our unique quote intelligence and manipulation solutions for the past 5 years and have made huge advances in understanding, detecting and managing quote manipulation activity. Our tech is uniquely able to solve this problem.
Accessing a market wide quote lake containing billions of full quotes across motor and home, we are able to use our market leading tech and data science capabilities to interrogate and present to insurers all the insight they need to make smarter decisions on pricing strategy for quote manipulation.
By analysing our quote lake, which captures every field in the quote journey, we are able to identify, manage and operationalise strategies to help insurers combat this practice.
Providing a combination of a SaaS platform designed to manage quote manipulation and a series of data attributes which highlight different types, frequencies and combinations of manipulations – for the first time everything is at an insurers fingertips.
Since introducing our solution to the market and through working with four major UK motor insurers, we have amassed a wealth of data over the past few years which we’ve recently interrogated in order to inform the industry as to the latest trends we’re seeing in consumer manipulation behaviour.
Over the coming weeks we will be reporting on some of the fascinating insights our analysis has shown both at the aggregate level e.g. which are the most manipulated fields and the specific i.e. examples of individuals who have manipulated many fields many times in order to achieve a reduced premium. We have also created a series of personas which are intended to bring these types of manipulators to life to aid in understanding and help insurers spot such activity – a sneak peek of these ‘unusual suspects’ are shown below.
In the meantime, if you’d like to find out more about how our quote intelligence and manipulation solutions can help your business, simply contact us at: ‘Get in Touch’
