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.
The findings demonstrate 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 results show some insights into the way the insurance experience could be improved, potentially driving loyalty and a better relationship with data knowledge for pricing and responding to consumer behaviour. A significant number of policyholders believe insurers consistently charge too much and they believe it is acceptable to ‘game’ the system by omitting information or manipulating personal information in the quoting journey. This segment of sceptical consumers has been growing since our last LexisNexis Risk Solutions survey of this type and it is a belief that is held especially strongly by younger consumers.
Highlights are shown in the infographic below.
For more insights from these research results download the LexisNexis Risk Solutions white paper ‘White Lies and Misbehaviour: Why Consumers Mislead Insurance Providers’.
Follow the link to the LexisNexis Risk Solutions UK & I website to find out more about how we support insurers.