Who? Georgia-based. Not... What? Publicly Traded Formerly part of Equifax. Credit Bureau Insurance Company
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2 Who? Georgia-based Publicly Traded Formerly part of Equifax Not... Credit Bureau Insurance Company What? Customers - Products - insurance companies in personal lines property & casualty underwriting information products C.L.U.E. credit reports motor vehicle reports insurance scores
3 Credit Reports Part of the underwriting process.
4 Credit Reports What are they? Credit grantor-contributed payment record information Public Record information, collections Records of consumer initiated inquiries Delivered only with permissible purpose Consumer report - FCRA protections
5 Credit Reports Who provides them? Equifax Experian Trans Union
6 Credit Reports Consumer Protections... Credit reports are consumer reports Fair Credit Reporting Act (FCRA) Dispute resolution Protected disclosure - permissible purpose
7 Insurance Scores Credit-based underwriting tool.
8 Insurance Scores Development - History Research & Development First Insurance/Credit Model - Property Analysis and Results Auto Model Introduced New Models developed New ATTRACT Models Introduced
9 Insurance Scores Statistical models Identifying predictive variables Describing relationships Used in other fields Medical research Weather prediction
10 Insurance Scores Gathering External Data - credit report Merge with Policy Performance Data Data Clean-up - cap losses, etc. Modeling of Predictive Attributes Validation sample selection Implementation
11 Insurance Scores Scored Elements Models look at several dozen of over 300 possible credit report attributes. Claims history. The attributes used are those that are statistically predictive. Attributes are similar but not identical on Auto and Property.
12 Insurance Scores Types of Credit Characteristics Analyzed Bank revolving Bank installment Department stores Other retail Auto finance Automotive Credit Union, Savings & Loan, Mortgage Personal Finance
13 Insurance Scores Types of Credit Characteristics Analyzed Inquiry Activity - Number of inquiries in the last 6 months - Number of inquiries with finance companies in the last 24 months - Number of months since most recent inquiry
14 Insurance Scores Types of Credit Characteristics Analyzed Age of Credit File - Age of oldest account - Age of youngest account - Average number of months since account opened
15 Insurance Scores Non-Scored Elements Location/Address Net Worth/Salary Income Marital Status Occupation Nationality Age Religion Race Gender
16 Predictive Power Correlation
17 Predictive Power CP Attract Model Performance - Standard Auto Loss Ratio Relative Loss Ratio 100% = average Claims Frequency Relative Claims Frequency 100% = average % % 50.00% 0.00% Score Range % % 50.00% 0.00% Score Range
18 Predictive Power CP Attract Model Performance - Non Standard Auto Loss Ratio % 50.00% % 0.00% Relative Loss Ratio 100% = average Claims Frequency % % 50.00% 0.00% Relative Claims Frequency 100% = average Score Range Score Range
19 Predictive Power CP Attract Model Performance - Homeowners (HO3) Loss Ratio % % % 50.00% 0.00% Relative Loss Ratio 100% = average Claims Frequency % % % 50.00% 0.00% Relative Claims Frequency 100% = average Score Range Score Range
20 Why use insurance scores? Insurance 101
21 Why Use Insurance Scores? Insurers must cover projected claims costs with collected premiums. Future claims costs are projected using past experience. Undifferentiated, all policyholders would pay the same premium. Classification (grouping) is used to better match premiums to risk of loss.
22 Why Use Insurance Scores? Those consumers who are in a group which is statistically associated with higher risk (more claims; less favorable loss ratios) are asked to pay higher premiums (vice versa) Youthful male drivers Homes in unprotected areas Drivers with tickets or accidents Homes without security systems
23 Why Use Insurance Scores? Classification into a group does not make someone good or bad. Many youthful drivers will not have a wreck. Many drivers with no tickets will have an accident. Overall, statistical differences in the past performance of groups creates opportunity for better risk based pricing.
24 Why Use Insurance Scores? Insurance scoring works the same way as other classifications. We don t tell them they have good or bad driver class factors (age or gender) Not a measure of good or bad credit.
25 Why Use Insurance Scores? Insurance companies are merely using pieces of predictive data found on a credit report to help classify groups of risks. Scoring creates groups of policyholders who share similar credit profiles. Similarly rank-ordered policyholders, as a group, showed statistically different claims risk and loss ratio performance than others.
26 Why Use Insurance Scores? Most carriers now use credit. Each uses it differently - Standard products Custom models: State Farm, Allstate, Progressive Impact on individual consumers will vary. Opportunity to get favorable rates is improved by this diversity.
27 Consumer Issues Education Education Education
28 Consumer Issues What does paying my credit card on time have to do with my driving? Good student discount. Measuring likelihood of claims frequency and dollar amount.
29 Consumer Issues How does the hail storm know to hit the house with the lowest score the hardest? Frequency Severity
30 Consumer Issues What if I do not use credit cards, will this result in higher premiums? Thin file scoring model Older citizens Younger citizens New citizens Cultural differences
31 Consumer Issues People in under-served markets have worse credit so won t they be charged higher premiums? Anecdotal testimony Studies Company experiences
32 Consumer Issues Will one late pay result in higher premiums? Measuring trends, not isolated incidents. Claims history. Motor vehicle reports.
33 Consumer Issues Is it fair? Does not look at race, gender, income, etc. Objective numeric value. Facilitates consistent treatment for consumers. Reduces premium subsidies.
34 Consumer Issues How do I improve my score? Reduce late pays and collections. Eliminate bankruptcies and liens. Limited recent activity associated with new accounts. Low leverage on revolving trades. Having trades established many years. A limited number of trades, with a good mix of types.
35 Consumer Issues Consumer friendly practices. Agent education Consumer disclosure Credit plus claims Medical exclusion considerations Open box No hit - No score Rescoring
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