LexisNexis Finds 1 in Four Uk Customers Ready to Commit Application Fraud for Less costly …

— A quarter of insured motorists believe that it is acceptable to mislead insurers to minimize their motor insurance coverage premiums, according to a new examine from LexisNexis.

Released these days by LexisNexis® Risk Answers, the investigation discovered that forty% of United kingdom motor insurance coverage policy holders think the expense of their policy is too large, and a lot of are taking fraudulent measures to minimize the expense of their policy.

The study, which explores client attitudes to motor insurance in the United kingdom, uncovers that a single in 4 (25%) consider that some omission or adjustment of information is acceptable in buy to decrease premiums when applying for motor insurance coverage.

When it comes to choosing who is named as the main driver, 29% of folks admit to ‘fronting’ their policy by naming an individual other than the man or woman who will drive the vehicle the most. Elements influencing this selection consist of who has the principal earnings (25%), a greater driving record (twelve%) or who has historically had a lower value policy (eleven%).

The research reveals that just over one in 10 (13%) consider it is acceptable to use someone else’s address when applying for motor insurance, and that 15% think it is acceptable to try out to modify their variety of ‘no claims discount’ years to attain a better discount.

Bill McCarthy, Managing Director, United kingdom, Insurance, LexisNexis®, mentioned “some shoppers are willing to mislead insurers in an attempt to get less costly car insurance, and could not even realise that adjusting or omitting details can constitute fraud. This is a chance for each events – shoppers could locate themselves with out cover in the event of an accident and insurers can uncover themselves exposed to unforeseen threat.”

Attitudes to making a claim are also explored, with the investigation discovering that 1 in 5 (20%) believe it is acceptable to report a hit-and-run accident to claim for self-inflicted injury. A single in 10 (8%) feel that it is acceptable to exaggerate the severity of a personalized injury, such as whiplash, to enhance the quantity of money paid-out.

In a good signal that shoppers are potentially ready to help insurers react to claims a lot more accurately, 2 thirds (64%) of men and women are comfy with a telematics kind of item that would share data about the occasions top to a visitors accident, in buy to support decide which driver was at fault.

“Whilst a quarter of people feel it is acceptable to omit or alter info when applying for car insurance, the majority recognise that this is unacceptable behaviour. A single answer for insurers to help address buyers who are ready to mislead is to verify that the information that shoppers are telling them is appropriate via intelligent use of data verification and analytics. By way of greater use of data analytics, insurers can underwrite chance far more accurately – creating benefits for both insurers and consumers,” stated McCarthy.

– Ends –

Notes to editors

Methodology

All figures, except if otherwise stated, are from a poll carried out on behalf of LexisNexis by Buyer Intelligence on a nationally representative survey of 951 grownups aged 18 and above living in the United kingdom. The respondents had been recognized as at the moment insured drivers and policy choice makers. Fieldwork was carried out in between the 21st and 26th of June 2013.

For a total copy of the report, please contact Paul.codd@cohnwolfe.com.

About LexisNexis Chance Options

LexisNexis Chance Options (www.lexisnexis.com/chance/) is a leader in providing important info that aids customers across industries and government predict, assess and handle threat. Combining cutting-edge technology, distinctive data and sophisticated analytics, Threat Remedies gives merchandise and solutions that address evolving consumer demands in the danger sector whilst upholding the highest requirements of safety and privacy. LexisNexis Threat Answers is element of Reed Elsevier, a leading worldwide supplier of specialist data solutions across a number of sectors. Our insurance coverage answers aid insurers with automating and enhancing the functionality of essential workflow processes to minimize expenditures, increase services and position buyers for growth.

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