The Impact of Credit-Based Insurance Scoring on the Availability and Affordability of Insurance - Part I
National News • September 24, 2008
Following is the testimony presented by Lawrence S. Powell, PhD before the United States House of Representatives Financial Services Committee Oversight & Investigations Subcommittee on May 21, ...
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Subject: RE: RE: RE: Re: The Impact of Credit-Based Insurance Scoring
Posted On: September 29, 2008, 11:08 am CDT
Posted By: another guy named Rick
Comment:
Nobody,
Having a bad day??
This discussion is what America is all about. We disagree...that's all. Hate? Idiots? Fools? And when do you expect one insurer to change direction based on Comments section of Insurance Journal. Now that is certainly foolish thinking.
I don't know your background, but as someone who is not convinced about the most perfect underwriting tool since sliced bread, I just celebrated (?) my 36th year in the industry. I've had two 'tours' of duty as a Regional Underwriting manager with major (Top 10) insurers. As such, I argued on more than one occasion with the brilliant ideas my superiors would employ. Sometimes I won...most times I lost. It will be the same way with Credit Scoring because of the great sales job of Fair Issac, Equifax etc. Adverse selection is feared and if you don't credit score you will be selected against.
All that being said, I don't 'hate', I am not an 'idiot', I may act foolish buy I am not a 'fool' AND I know enough about underwriting to understand that it is built around discrimination. The best underwriters discriminate risk better than other underwriters.....and I don't need a credit score to tell me that. ;o)
Cool you jets and don't take active discussion personally.
Subject: RE: RE: RE: Re: The Impact of Credit-Based Insurance Scoring
Having a bad day??
This discussion is what America is all about. We disagree...that's all. Hate? Idiots? Fools? And when do you expect one insurer to change direction based on Comments section of Insurance Journal. Now that is certainly foolish thinking.
I don't know your background, but as someone who is not convinced about the most perfect underwriting tool since sliced bread, I just celebrated (?) my 36th year in the industry. I've had two 'tours' of duty as a Regional Underwriting manager with major (Top 10) insurers. As such, I argued on more than one occasion with the brilliant ideas my superiors would employ. Sometimes I won...most times I lost. It will be the same way with Credit Scoring because of the great sales job of Fair Issac, Equifax etc. Adverse selection is feared and if you don't credit score you will be selected against.
All that being said, I don't 'hate', I am not an 'idiot', I may act foolish buy I am not a 'fool' AND I know enough about underwriting to understand that it is built around discrimination. The best underwriters discriminate risk better than other underwriters.....and I don't need a credit score to tell me that. ;o)
Cool you jets and don't take active discussion personally.