LexisNexis Risk Solutions recently conducted a study that explores consumer insights, attitudes and perceptions of motor insurance in the UK. Of those 1,500 insured drivers and policy decision makers who were surveyed, surprising insights were found as to what extent they believe it is acceptable to mislead insurance providers when applying for motor insurance.
This report closely examines the consumers’ responses that were obtained from the study, and displays the findings, that demonstrating that the majority of consumers are unwilling to notify insurance providers about incidents resulting in minor damage to their vehicles, even if another vehicle was involved. The research also reveals interesting variations in responses by age and gender, with more than two out of five consumers thinking it is acceptable to omit or adjust at least some data given to an insurance provider, and older consumers are less likely to think this is acceptable.
The research demonstrates that there are opportunities for motor insurance providers to minimise or albeit eliminate this growing tendency amongst consumers who seek to mislead them through a more intelligent use of data that can improve products, pricing and consumer behaviour.
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