Phabbyfundz
Active member
The goals of every insurance company I'd to correlates rates for insurance policies as closely as possible with the actual cost of claim. If insurers set rates too high they will lose market shares to competitors who have more accurately matched rates to expected cost. If they set rates too low they will lose money this continued search for accuracy is good for consumers as well as insurance companies. The majority of consumers benefit because they are not subsidizing people who are worst insurance rates.
People who are more likely to file claims than they are.
The computerization of data has led to a more accuracy, speed and efficiency of businesses of all kinds. In the insurance arena credit information has been used for decades to help underwriters decide whether to accept or decline application for insurance. New advances in information technology has led to the development of insurance scores which enables insurers to better assess the risk of future claims.
People who are more likely to file claims than they are.
The computerization of data has led to a more accuracy, speed and efficiency of businesses of all kinds. In the insurance arena credit information has been used for decades to help underwriters decide whether to accept or decline application for insurance. New advances in information technology has led to the development of insurance scores which enables insurers to better assess the risk of future claims.