FICO^® Scoring Solutions for Insurance

Consistent, objective and accurate evaluation.

Most accurate data
Data at credit reporting agencies is one of the most accurate sets of consumer data available. Based on US studies, the error rate in credit reports is considerably lower than the error rate found in individual state motor vehicle reports.

Fair to all
Scoring Solutions offer a risk segmentation tool based only on statically-proven consumer credit data. Scores do not consider the person’s income, age, marital status, gender, race, ethnic group, religion, nationality or location.

Consumers have control
Individuals with low credit-based insurance scores can improve their scores over time through better credit management habits, such as paying credit obligations on time as agreed.

FICO^® Scoring Solutions for Insurance give property and casualty underwriters an instant risk-assessment of prospects, applicants and policyholders based on a consumer’s credit reporting agency data.

For Consumers

• • People can get insurance faster
• Underwriting decisions are fairer
• Insurance is more readily offered and available
• Improving one’s FICO^® Insurance Score can lead to better rates
• Insurance rates are more competitive for larger numbers of people

For Insurers

• Streamline customer lifecycle from prescreen, quote, new application underwriting and pricing to account management
• Make more objective, consistent, risk-based decisions
• Reduce costs through automated decisions