Homeowners happy to hide previous claims

Data, analytics and technology provider LexisNexis Risk Solutions surveyed 3,000 homeowners and renters and found that two out of three are happy to bend the truth to get a cheaper quote online. Fraud data from the Association of British Insurers suggests this manipulation typically consists of non-disclosure of previous claims.

Neill Slane, senior manager, claims, UK and Ireland for LexisNexis Risk Solutions, said: “Home insurance is a highly competitive line of business with very little movement in premiums over the past seven years. Insurance providers need to differentiate themselves in pricing and claims, as well as tackle the common misconception identified in our research that they actively try to avoid paying out claims at least some of the time.

He added: “Fundamentally, home insurance providers need a much more granular understanding of past claims to help inform every part of the customer journey to improve pricing, underwriting and claims processing, as well as reduce fraud risks.”

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