How Sophisticated are Insurance Companies ?

[J4CKO]

Now I dont mean do they like a Martini and wear a Sports Jacket, but how clever is their software. I went for an interview a few years back at a company called CDL who do tht kind of stuff and got an inkling that they are way cleverer than folk seem to think, cant remember the specifics but it was impressive at the time and can only imagine they have moved on in the last four years..

Having a Fiesta ST I am a member of the Facebook group, and there are two main groups, older blokes like me called Kevin, Glen or Dave, then we have the twenty-ish Jordans and Kyles.

Jordan typically has a very standard Fiesta ST, apart from remap (including pops and bangs) different, exhaust, different wheels, short shifter etc etc, just that none of this is declared on his insurance, usually points this out thinking he is very clever, he isn't as he spells bought "baught", so guessing those big financial institutions are one step ahead of Jordan with his 2 GCSE grade E's.

I get that its one thing maybe having a sneaky remap and keeping quiet, but putting a picture of your car, plus registration against your name on Facebook, then listing all the undeclared modifications and whatever else.

Say Jordan wraps his car up, crashes into a 30 grand car, injures himself and a mate, also his car is a write off, potentially a 50 grand claim, would the insurance co do anything other than send an assessor who has a quick look or have they started looking at forums and social media for evidence ? If they can avoid paying out for the policy holders car, it potentially drops the claim by ten grand.

[HustleRussell]

It's quantifying risk at the end of the day. We do it in my workplace, albeit very different industry, with a simple chart with frequency / probablility on one axis and severity / impact on the other. If you can take all of these factors and put a number to them, then your half way to magicing up an overall risk profule / insurance premium.

[lb3nson]

I’d 100% expect them to look at forums and social media if they suspect something is dodgy. Especially if you’re a bit sad and have your IG name on sticker on the side of your car.

[WIWs]

J4CKO said:

Jordan with his 2 GCSE grade E's.

GCSEs are a numerical grading system now so it would be 2 GCSE grade 2s

I've always worked under the assumption its the police to be more worried about rather than insurance co, insurance co just wont pay out your claim if you have undeclared mods, they still have a legal obligation to cover 3rd party?

Police give you a tug however, 6 points for no insurance + car seized plus they'll probably throw the book at you for everything else they can, defects notices, section 59 etc.

either way really stupid to not declare mods for the sake of saving a couple hundred quid a year, especially if you're posting all over Facebook and going to meets and generally drawing attention to yourself!

[Carfield]

Ultimately, you’ll probably find that Jordan’s undeclared mods are already priced in for the car / owner profile. Doesn’t legitimise him not declaring them, of course.

[J4CKO]

WIWs said:

J4CKO said:

Jordan with his 2 GCSE grade E's.

GCSEs are a numerical grading system now so it would be 2 GCSE grade 2s

I've always worked under the assumption its the police to be more worried about rather than insurance co, insurance co just wont pay out your claim if you have undeclared mods, they still have a legal obligation to cover 3rd party?

Police give you a tug however, 6 points for no insurance + car seized plus they'll probably throw the book at you for everything else they can, defects notices, section 59 etc.

either way really stupid to not declare mods for the sake of saving a couple hundred quid a year, especially if you're posting all over Facebook and going to meets and generally drawing attention to yourself!

Yep, his qualifications are as valid as his insurance