As a retired Personal Lines Underwriter from the Hartford, I have always been against the use of Credit scoring. There are too many factors beyond the control of the insured that can affect their credit rating which does not change their moral standards in putting in any more claims than a dishonest person does. It’s about time someone took this to a Court of Law and Hartford got caught using the wrong criteria for their credit scoring – something they have been doing for well over 10 years.
I can’t comment on The Hartford’s business practices. It has been demonstrated time and again in personal lines insurance that there is a correlation between groups of insureds with bad credit and higher than average loss experience. Since most insured’s are loss free and have good credit – it makes sense to me to have those developing the more frequent or higher losses, pay more. Why would a retired underwriter propose anything different?
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As a retired Personal Lines Underwriter from the Hartford, I have always been against the use of Credit scoring. There are too many factors beyond the control of the insured that can affect their credit rating which does not change their moral standards in putting in any more claims than a dishonest person does. It’s about time someone took this to a Court of Law and Hartford got caught using the wrong criteria for their credit scoring – something they have been doing for well over 10 years.
I can’t comment on The Hartford’s business practices. It has been demonstrated time and again in personal lines insurance that there is a correlation between groups of insureds with bad credit and higher than average loss experience. Since most insured’s are loss free and have good credit – it makes sense to me to have those developing the more frequent or higher losses, pay more. Why would a retired underwriter propose anything different?