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A. Most insurers these days spend the majority of their resources in fraud detection at the claims stage - digilog, voice stress analysis, etc. We actually believe that it is much more effective to prevent fraud from happening by inspecting the vehicle at the underwriting stage. In over 6,500 inspections to date, we found that 26% of all cars already had obvious pre-existing damage (body or glass). Some 20% of accessories are not declared and in 11% of all inspections the vehicle specification didn't match the insurance application. And 2% were already sold, stolen or written off! Also, few new policyholders disclose driving endorsements in an attempt to reduce the premium. Our service will help you avoid these vehicles and the fraudulent claims that are made in relation to them.
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A. On receipt of your instructions our call centre contacts the policyholder, arranges a convenient time to visit and asks that all relevant documents be made available. The scheduled appointment is immediately transmitted to one of our mobile inspectors hand-held computers. He then visits your customer, carries out the inspection, records the results on his hand-held and asks your customer to verify the results with a signature. The results are then transmitted, in real-time, to you so that you can accurately set the premium and/or endorse the policy.
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A. We will ask your customer to produce a current drivers licence for each of the named drivers on the policy. We will also ask to see their V5 and MOT certificates and we will verify the tax disc in the vehicle. Should you wish, we can also verify the identity of the policyholder via, for example, bank statements or utility bills.
A. Vehicle inspection is run along the same lines as getting proof of no-claims bonuses. You take the customer on risk at a premium level assuming all details in the application are correct. Once you have the evidence from the vehicle inspection you adjust the premium and/or endorse the policy.
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A. Our surveys show that the majority of policyholders view their insurance company more favourably as a result of the inspection. Most people are now well aware that the fraudulent behaviour of others is forcing up their insurance premiums. Therefore they see this as a positive step to protect them.
A. When it comes to making a claim your customer will know that you have all the correct and relevant information about them on your database – thereby ensuring the speedy processing of their claim.
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A. Yes. The insurance industry is now so competitive that everyone is looking for something that sets them apart. Using motorcheck™ gives you physical contact with your customer – in a world that sees people increasingly using the internet or the phone to build a relationship with you. You will have the opportunity (though our inspectors) to promote any other insurance products you may want to offer in a unique and personal way.
A. Be warned: We know from insurers' own data that policyholders who avoid an inspection subsequently show a claims rate 44% above average!
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A. Our work so far turned up some quite surprising results. We discovered that there is no difference in potential fraudulent behaviour in groups targeted with current methods compared to randomly selected individuals. However, the valuable data that is obtained from inspections can be used to improve targeting over time.
A. Why risk challenging your customer with fraudulent behaviour at claims stage when it's cheaper and more effective to prevent it at underwriting? Most insurance companies are now discovering that the detection of fraud at claims is failing them – at huge cost. The insurance ombudsman has also recently said that retrospective underwriting is something to be frowned upon.
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A. It works out at around £1 per policy at the 10% inspection rate that most insurers choose and it has been calculated that for every £1 invested in inspection you will benefit to the tune of £5.
For further information on the service and details of the benefits that you can expect please request an Insurer's Information Pack or talk to our Sales Director Bernd Veening on 020 8334 9610
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