In recent years the UK home insurance market has enjoyed relatively healthy levels of growth and competition. But home insurance providers suffer from a lack of access to comprehensive, cross-industry claims data, which means they may be unaware of crucial industry trends, including an increase in both the temptation and opportunity for consumers to commit fraud.
In response to demand from insurance providers, LexisNexis Risk Solutions is building a contributory home claims database populated with prior claims data that gives participating insurance providers real-time information about claims related to individuals and the property. We believe this will significantly improve the efficiency and integrity of quotation, underwriting and claims processes.
The research upon which this report is based on, represents the assessment of homeowner’s and renter’s attitudes towards the claim filling process and their overall perception of home insurance pricing.