How do insurance algorithms work?

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PostPosted: Tue Dec 02, 2008 12:18 am   Post subject: How do insurance algorithms work?  

As part of a court case in Texas (quoting from the newsroom section of Allstate's website) "Allstate will make its new insurance scoring algorithm publicly available." Does anyone know anything about this?

I'm not sure I could understand it even if I saw it (they're quite complicated, aren't they?), but I feel like myself and others in the forum could glean some pretty interesting information.

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PostPosted: Tue Dec 02, 2008 12:19 pm   Post subject:   

Hi, I see insurance score as a rating calculated by the insurance carriers and used to arrive at the probability of claims to be filed by an insured within the covered period. The algorithm has to do with a number of factors e.g. the credit rating of the client, which in turn would influence the premiums that the insured has to pay towards his coverage. Lesser the risk achieved out of this algo, better would be the score of an individual and lower would be his premium payment. Roddick

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