April 30, 2021
U.S. regulators should strengthen their oversight of insurers to prevent potential overcharging and discrimination in selling coverage for cars and homes, a consumer watchdog group said on Thursday. The campaign by the Consumer Federation of America (CFA) comes after an …
June 3, 2018
Carmakers including Renault, Jaguar Land Rover and Peugeot have boosted revenues by over $1 billion in the past decade by using sophisticated pricing software, according to sales presentations prepared by the software vendor, Accenture, and other documents filed in a …
April 20, 2017
Concerns over price optimization are leading regulators to think carefully about the implications of longstanding practices in insurance rating, including premium “caps” on policy renewals for individuals, households and small businesses, according to one regulator. Charles Angell, deputy commissioner and …
April 29, 2016
Virginia Insurance Commissioner Jacqueline Cunningham has issued an administrative letter this month reminding insurers to review the rate standards outlined in Virginia Code § 38.2-1904 to ensure compliance. The administrative letter also indicates that so-called “price optimization” techniques that raise …
January 13, 2016
The Missouri Department of Insurance has issued a bulletin to Missouri insurers reminding them that the rating practice generally known as “price optimization” is prohibited in the state. “Price optimization” is the practice of measuring and modifying insurance prices based …
December 4, 2015
Connecticut has joined the growing number of states that have banned or restricted the practice of “price optimization” in insurance pricing. Connecticut Insurance Commissioner Katharine L. Wade announced that the state’s Insurance Department has officially warned property/casualty insurers against using …
November 24, 2015
An official bulletin issued by Colorado Insurance Commissioner Marguerite Salazar to insurance companies that prohibits insurance companies banning price optimization techniques in rating customers, is being praised by a consumer group. Price optimization is defined at the use of mathematical …
November 17, 2015
The use of price optimization in insurance pricing is drawing increased attention and could be the next big industry battle. Or it could not be. Consumer groups and a growing contingent of states are labeling the practice as unfairly discriminatory …
October 19, 2015
The use of price optimization in insurance pricing is drawing increased attention and could be the next big industry battle. Or it could not be. Consumer groups and a growing contingent of states are labeling the practice as unfairly discriminatory …
October 6, 2015
Delaware has issued a bulletin prohibiting the use of price optimization in insurance pricing. The Delaware Department of Insurance said in its Bulletin No. 78 on Oct. 1 that “while price optimization has no universally accepted definition, it generally refers …