The rise of machine learning, or AI, is a common feature these days particularly when you buy car, home or liability insurance. Insurance is based on trust. The main rating factors such as age, occupation and where you live determine what an insurer will set as the premium. Over 10 million people buy their insurance on aggregator sites or comparison sites such as Compare the Market & Confused.com and the temptation to change the information you input to make yourself older or live in a lower risk area is too much for over 20% of customers who lie when buying their insurance.
The crazy thing is that insurance companies these days know where you live. They know how old you are and they know your credit ratings and previous claims and convictions because your data is available – for a price. Insurers pay £millions on what is known as “data enrichment.” If for example you default on a direct debit to your energy supplier, that information is purchased by insurers who will then set their computer “algorithms” to decline or charge you more. Unlike most countries around the world the UK insurers share your claims and driving experience with other insurers, so if you apply for cover without disclosing a previous incident, conviction or bankruptcy you will find that your new insurer will cancel your policy, as they will also do if you claim to live at an address you are not registered at. These days we see just as many enquiries from people who have been cancelled by one or two insurers (due to non-disclosure of previous conviction/bankruptcy) and are now unable to obtain cover even when they come clean and disclose all their correct information.
We are a small team of 10 (including the office dog) that focus entirely on the 11 million people with criminal records along with the millions with adverse financial history such as bankruptcy and IVA’s. Our fully trained have been helping and protecting Inside Time readers and their families access essential cover for over 15 years and underwrite many of our own products. We are on-hand to provide expert personal advice to anyone who may have any issues or concerns with property, motor or business insurance.
David Child – SIS Insurance