Insight Score for Insurance
Insight ScoreTM for Insurance is an alternative-data risk score developed using exclusive Telecom, Cable-TV and utilities data not included in the existing credit file. It is used as a complement to credit-based insurance risk scores and improves segmentation enabling carriers to more accurately align competitive quotes for prospects.
• Comprised of account history data on discretionary services such as phones, pay television (cable & satellite) and utilities. Not part of customer’s traditional credit file.
• A lower Insight Score for Insurance score may indicate a higher risk of loss; and a higher ISI score may indicate a lower risk of loss.
• Within this construct, observed values for Insight Score for Insurance attributes that are more favorable may result in a higher score, while observed values for Insight Score for Insurance attributes that are less favorable may result in a lower score.
• Utilization of these services is broad and growing.
• Highly accurate predictor of future insurance loss risk. Provides significant growth and profit opportunities.
• Powerful lift over and above present rating variables. Validation loss ratios lift of 1.30 across deciles.
• Flexible delivery via online and offline (batch) delivery of the score
• Additional delivery via select data and analytics partners
• Multiple billing options
• FCRA compliant, following standards established to ensure consumers are fairly treated and have reason codes related to their specific score
• Coverage for 230 million consumers, 30 million of which are not included in the traditional credit file
• Filed and approved by tier-1 carrier in eighteen states (as of September 2018)
• Insight Score for Insurance will be translated by carriers into rating relativities suitable for traditional multi-rating algorithms.