This illustrates why the use of predictive analytic models to estimate risk can work better than human judgment. We are not, it turns out, that good at estimating risk. Clearly insurance professionals do better than average workers but still… http://edmblog.fairisaac.com
Perhaps part of the discrepancy between perception and reality is in the understanding of the question. At home does not equal away from work. So any time someone is in the car, they may view it as not at home so they don\’t associate that with at home risk. Similar situations might be vacations or shopping at a store that the question includes in away from work.
Another factor in the discrpancy is probably the desire of people to feel safe at home.
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This illustrates why the use of predictive analytic models to estimate risk can work better than human judgment. We are not, it turns out, that good at estimating risk. Clearly insurance professionals do better than average workers but still…
http://edmblog.fairisaac.com
Perhaps part of the discrepancy between perception and reality is in the understanding of the question. At home does not equal away from work. So any time someone is in the car, they may view it as not at home so they don\’t associate that with at home risk. Similar situations might be vacations or shopping at a store that the question includes in away from work.
Another factor in the discrpancy is probably the desire of people to feel safe at home.